We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • Poll: Is this technical move by the broad equity measure, S&P 500, emerging markets and other risk assets today the beginning of a genuine 'risk on' swell?
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=1338844901231735299&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The $ACWI all world equities index has eased up to its highest level in since Feb 1, 2018... https://t.co/v2AHy52gUE
  • RT @GeorgeWParker: NEW Am told that @BorisJohnson is now ready to accept a ten day Brexit delay beyond “do or die” day on Oct 31 if he lose…
  • Another way of measuring the extreme momentum of $GBPUSD up to last last week: spot relative to the 20-day moving average hit most extreme since 9/15/17 https://t.co/jtKJ043Rnv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.03%, while traders in US 500 are at opposite extremes with 77.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ydwk1q2EV3
  • LIVE IN 15 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=1338844901231735299&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • RT @globaltimesnews: China will closely monitor the US Entity List and take “all appropriate measures” to defend China’s legitimate rights.…
  • The probability for a rate cut at this month's FOMC meeting is at 91.4% according to overnight swaps, up from 70.8% on October 11th $DXY #FED $TNX https://t.co/duKKl8kMXG
  • LIVE IN 30 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=1338844901231735299&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Copper Price at Risk of Break to the Downside

Copper Price at Risk of Break to the Downside

2019-04-18 13:00:00
Martin Essex, MSTA, Analyst and Editor
Share:

Copper price, news and analysis:

  • The copper price is looking technically weak, challenging support from a trendline joining the higher lows in place since early 2019.
  • That could reflect concern that the global economy is still showing few signs yet of a sturdy recovery.

Copper challenges trendline support

The price of copper is in danger of breaking lower as it challenges support from a trendline in place since the start of this year. As the chart below shows, it is currently sitting on both that trendline and the 20-day moving average, with the 50-day moving average just below.

Those supports could prevent a downturn near-term, but if they are breached the copper price could fall swiftly to the lows around $6,300/tonne recorded between March 22 and March 25.

Copper Price Chart, Daily Timeframe (December 17, 2018 – April 18, 2019)

Latest copper price chart.

Chart by IG (You can click on it for a larger image)

The price of copper, which is used widely in manufacturing, tends to move with global economic sentiment, and that is on a knife-edge at present. Data from China earlier this week was seen as broadly positive but Thursday’s Purchasing Managers’ indexes from Europe and elsewhere suggested that any global recovery is patchy at best, potentially raising questions about future demand for the metal.

You can find out how to trade copper here

And here’s where to find out more about the metal

Further resources to help you trade the markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.