FxWirePro Call Review: Copper might decline to as low as $2.55 per pound

Early February, we warned our readers that copper could suffer a further decline as it declined steadily in five out of the six weeks since reaching $3.32 area in December. We warned that the next move downwards could come as a sharp selloff after the next bounce. Here is the link to the article, https://www.econotimes.com/FxWirePro-Copper-might-face-sharp-selloff-after-next-bounce-to-reach-278-per-pound-1140489

In a subsequent article, we urged our readers to go short in the Copper at the then current rate of $3.177 per pound with stop loss around $3.32 per pound and target of $2.78 per pound and advised to book 50 percent profit at the interim target around $2.88 per pound. Here is the link, https://www.econotimes.com/FxWirePro-Call-Review-Sell-Copper-targeting-278-per-pound-1160929

In a follow-up article, available here, https://www.econotimes.com/FxWirePro-Call-Review-Maintain-short-positions-in-Copper-interim-targets-added-and-profit-booking-plan-revised-1176824 we even suggested the following profit booking plan,

"Target 1 - $3.10/pound: Book 5 percent of original positions

Target 2 - $2.93/pound: Book 25 percent of original positions

Target 3 - $2.89/pound: Book 10 percent of original positions

Target 4 - $2.88/pound: Book 10 percent of original positions

Final Target - $2.78/pound: Book 40 percent of original potions

Book rest 10 percent at the discretion."

Since our last call review, suggesting the profit booking plan, the price of copper has declined further and is currently trading at $2.99 per pound. Our latest calculations suggest that a possibility has arisen that copper would decline lower than our final target of $2.78 per pound and might reach as low as $2.55 per pound. However, it is not our base case at the moment.