Copper chart on Trading View used for analysis
- Copper was trading marginally higher at 2.775 at 1250 GMT.
- Prices edged higher after 3 consecutive days of downside on optimism in U.S.-China trade discussions.
- Investors were hopeful that a new round of U.S.-China talks this week would bring the two sides close to resolving their ongoing trade war ahead of a March 1 deadline.
- Technical studies on copper intraday charts do not support much upside.
- 5-DMA is biased lower and copper prices failed to hold break above 200-DMA.
- We now see strong support in the 2.730 to 2.755 zone. Break below will see weakness. Dip till 2.636 and then 2.580 levels likely.
- On the flipside, decisive breakout above 200-DMA required for upside continuation.
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