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Copper looks like to extend its recent loss and on the verge of breaking a three month low made in August, when China devalued its currency by 1.9% in a single day.
Copper for the last three months, has been consolidating, looking for cues for the next move. We at FxWirePro, while remaining committed to our longer term sell trend, which is likely to push Copper below $2/pound and beyond, expected the red metal to shine brighter in the short run and may trade around $2.65/pound area.
However, that possibility increasingly looking bleak, with copper inching lower. Cues for the next move might have actually arrived.
Latest NFP report has been more like a confirmation for the market that US Federal Reserve will finally hike rates at the final meeting of the year in December and Chinese trade balance released over the weekend saw imports to be down -18.8% in October. Exports have declined too, by -6.9% from a year ago.
Continued slowdown in China is not a very good news for the red metal.
If Copper consolidates again and fins support in the area (October low - $2,31, September Low - $2.22 August low - $2.20), there are still hope for the bulls in short run, if not Copper currently trading at $2.24, is on the verge of next leg down.
