COPPER chart - Trading View
Copper was extending weakness for the 3rd straight session, trades 1.77% lower on the day at 4.144 at around 14:25 GMT.
Prices slumped to their lowest in nearly two months on Wednesday, more weakness on cards.
The recent slew of weak economic data from China is not supportive as it reinforced demand fears.
Technical bias for the pair has also turned bearish. Stochs and RSI are sharply lower. MACD and ADX support downside.
Volatility is high and rising and combined with the strong bearish momentum could drive more weakness.
Next major support on the downside lies at 200-DMA at 4.037. Break below will plummet prices.
On the flipside, 110-EMA at 4.260 is immediate resistance. Bearish invalidation only above daily cloud.
