FxWirePro: Copper trades marginally higher on optimism for breakthrough in U.S.-China trade discussions

Copper chart on Trading View used for analysis 

• Copper was trading marginally higher at 2.775 at 1250 GMT.
   
• Prices edged higher after 3 consecutive days of downside on optimism in U.S.-China trade discussions.
   
• Investors were hopeful that a new round of U.S.-China talks this week would bring the two sides close to resolving their ongoing trade war ahead of a March 1 deadline.
   
• Technical studies on copper intraday charts do not support much upside.
   
• 5-DMA is biased lower and copper prices failed to hold break above 200-DMA.
   
• We now see strong support in the 2.730 to 2.755 zone. Break below will see weakness. Dip till 2.636 and then 2.580 levels likely.
   
• On the flipside, decisive breakout above 200-DMA required for upside continuation.

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