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Copper price is likely to rise as global risk appetite seem to be returning and worries over China diminishing in the immediate term.
Last week's weaker than expected payroll report that showed that US economy just added 142,000 jobs in September and August payroll got revised to just 136,000. All in all last two months payroll was revised down by 59,000.
With such numbers, expectations for hike from FED has taken back seat and risk aversion is all set to rise. Though traders are still exerting some caution.
Trade idea -
- With Copper setting a key bottom around $2.2/pound area, bulls might take charge in the short term, pushing commodities higher.
- Buy Copper at current price of $2.39/pound and target around $2.65-2.69 area with stop loss around $2.22/pound. However weekly close below $2.28 would be alarming. Area of $2.43- $2.5 likely to provide some resistance.
