Copper Is Continuing To Retrace From Higher Levels

Published date: 14/06/2018
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Copper is continuing to retrace from higher levels as the stronger USD and progressing talks at the world's biggest copper mine, Escondida, continues. The industrial metal has now broken the support at $3.22/lb, the stronger level on the way down at $3.14/lb looks like it could be tested, however, demand for industrials is strong. 

Elsewhere, Chinese copper imports have surged at the beginning of the year and Chinese customs data released at the beginning of this month showed copper imports increased to 475,000 tons (22% increase compared to April imports). Recently Chinese data has been mixed and another reason for the pullback could be the fall in fixed investment and industrial production overnight.

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