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Copper Traders Waiting On Fresh Directional Drivers
Copper prices remain weak on Tuesday with the futures market griding lower, following a similar grind higher yesterday. The market has been caught in a phase of congestion over the last week or so, seeing a slow grind lower from the 4.8010 level. However, support at 4.5785 continues to hold for now and while this level remains, focus is on an eventual turn higher again. Focus has recently shifted onto excess supply forecasts for copper. The International Copper Study Group last week doubled its forecasts for an inventories surplus this year, citing weaker demand expectations and increased supply. Indeed, news of the ... (full story)
