COPPER chart - Trading View
Copper was extending gains for the 3rd straight session, outlook bullish.
The pair has edged above 55-EMA and is on track for upside resumption.
A lower-than-expected stocks release in China and strong U.S. jobs data fueled fund buying momentum in the red metal.
An acceleration in U.S. hiring boosted hopes of stronger demand for metals and a sustained recovery in the world's biggest economy.
Further, minutes from the U.S. Federal Reserve's latest policy meeting due Wednesday might determine the near-term direction of the dollar.
FOMC Minutes could throw some light on the policymakers approach on future guidance on interest rates and growth outlook.
Dollar weakness could boost metal prices. Daily cloud is major hurdle. Bullish bias will be reinforced on cloud breakout.
5-DMA is immediate support at 4.301. Major weakness only below 110-EMA (currently at 4.198).
