Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The copper price is correcting today after seven days of consecutive rise. Since finding support around $3.03 area two weeks ago, the price has risen steadily to reach as high as $3.174 area on last Friday. The chart clearly shows that short-term downtrend that began in mid-October was decisively broken last week as the price headed to test the October peak around $3.25 per pound.
After years of oversupply, since the 2008/09 Great Recession and more so after Chinese commodity bubble bust in 2013, the market has returned closer to balance and supply/demand mismatch was reduced significantly. According to International Copper Study Group (ICSG), the supplies are down in 2017, with ore grades being a major issue. Latin America, which produces around 41 percent of global copper is facing worker issues over salary and payments.
Today the copper price is down about 1.2 percent and is currently trading at 3.132 per pound. If the price doesn’t recover later in the day, technically speaking, the price would form a bearish engulfing pattern, as can be seen in the chart above. If that is the case, a correction towards $2.92 area would be likely.
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