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FxWirePro: Copper clears key resistance; further rise possible

Copper continues to shine bright,

  • As the Sino-American trade negotiations continue to go well, at least according to communications by both parties (the United States and China), the market is pushing the price of copper higher.
  • According to President Trump (at a rally), negotiations have gone well during Secretary Steven Mnuchin and trade representative Robert Lighthizer’s visit in China, where they had fruitful discussions with China’s vice-premier Liu He.
  • Top Chinese representatives led by the vice-premier Liu He have started for Washington as negotiations continue.
  • President Trump announced to a crowd that he expects the majority of the issues to be resolved the negotiating teams and the final sticking points would be directly negotiated between him and President Xi of China during a face to face meeting, which is set to take place sometime in March.

Riding the optimism, Copper is gradually moving higher,

  • The red metal is currently trading at $2.88 per pound as it clears its consolidating zone ($2.6-2.85 per pound.
  • However, the copper has been rising for the 8th consecutive week, and we expect the bulls to found sellers around $2.93 per pound area.
  • ET PRO
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