Last Updated : 05 November 2012 at 22:05 IST
LME Copper breaking down on technical charts
Source :Commodity Online
Three-months copper has hit a low of $7,596 a metric ton so far Monday on the London Metal Exchange, the weakest level since Sept. 5. R.J. O'Brien lists chart support around $7,550 and $7,430, with resistance at $7,750.
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LONDON (Commodity Online): LME Copper is continuing to break down on the technical charts, said R.J. O'Brien & Associates, encouraging commodity trading adviser and technical-fund selling.
"Experienced copper traders we speak to also make the point that despite the better economic news coming out of Asia these days, they are still looking to sell into rallies on the view that the gains will not be sustained and that they can pluck $40 to $50 per (metric) ton out of such trades," the firm added.
"But they stress that an aggressive bear market is unlikely given the better macro data of late and ongoing policy support from central banks," they continued.
Three-months copper has hit a low of $7,596 a metric ton so far Monday on the London Metal Exchange, the weakest level since Sept. 5. R.J. O'Brien lists chart support around $7,550 and $7,430, with resistance at $7,750.
