COPPER chart - Trading View
LME copper prices have paused pullback as 21-EMA support, further weakness only on break below.
Copper was trading 0.12% higher on the day at 4.017 at around 05:25 GMT, after closing 1.51% lower in the previous session.
Price action is correcting lower from record highs at 4.364 touched in February.
Technical bias remains strongly bullish, however, dollar price dynamics could influence direction.
U.S. dollar is consolidating previous session's losses. Caution prevails ahead of US covid aid package announcements.
US policymakers are inching closer to the $1.9 trillion relief package. US 10-year Treasury yield seesaws around 1.53%, volatility to prevail.
Breach below 21-EMA amid U.S. dollar strength could drag copper prices lower to test 55-EMA support at 3.793.
