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Copper is showing some strength, in line with other industrial metals. Iron ore, traded above $50/ton for first time in four months and copper has bounced back sharply from $2/pound psychological support area.
Bulls' resilience at that level is strongly suggesting that copper might correct further up. Recent risk on environment has benefited the industrial metal and further lack of bad news from China would provide some support to it.
However, it is important to note that copper is under long term bearish trend and we are expecting price to drop well below the threshold of $2/pound and might reach as well as $1.5/pound and beyond.
Even after saying so, we suggest according to our calculation matrix and temporary change in market mood, copper might go for larger correction.
Trade idea
Buy Copper at current price @ 2.096/pound and at dips targeting $2.24/pound area and stop loss around $2/pound.
