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Copper Rally Stalls Into Key Resistance
Copper prices have come under heavy selling pressure today with the metal extending the correction lower away from the 4.1585 level. On the back of the more than 13% rally we’ve seen off the YTD lows, copper futures have stalled for now into the resistance level. The move has been attributed in part to profit taking and a firmer US Dollar ahead of the FOMC tomorrow. Copper prices had initially been higher at the start of the week in response to better data out of China. Industrial production was seen rising to 7% last month, above the 5.3% the market was looking for. However, optimism over the data proved short ... (full story)
