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FxWirePro: Copper might face sharp selloff after next bounce to reach $2.78 per pound

After reaching a peak of $3.32 per pound in December, the price of copper has come down steadily over the past six weeks. The price declined in the five of the last six weeks. The red metal, which is widely considered as a barometer of global growth has been struggling to make gains despite economic data pointing to a recovery in the Chinese economy and as the United States under President Trump plans to launch most aggressive infrastructure spending plans in decades.

Our calculations suggest that the price is likely to decline further and the move could as a sharp selloff after the next bounce. We expect the price of copper, which is currently trading at $3.07 per pound to decline to as low as $2.78 per pound.

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