Home Forex News COMEX Copper Breaks Under $3 Per Pound.

COMEX Copper Breaks Under $3 Per Pound.

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Shanghai base metals declined across the board on Friday morning as US stock indexes plunged while their counterparts on the LME traded higher. The latest customs data showed that China’s copper ore imports jumped 12.6% on the month to 1.79 million mt in July, and Peru’s copper output has returned to normal levels. The latest customs data showed that China’s copper ore imports jumped 12.6% on the month to 1.79 million mt in July, and Peru’s copper output has returned to normal levels.

Shanghai copper cathode premiums dropped to their lowest levels in six months after suppliers fire-sold cargoes arriving in the first week of September rather than holding through with diminished buying appetite from Chinese consumers, according to media reports.

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :           04/09/2020

Pivot                                      :           2.9614

Technical View                     :             LONG ABOVE 2.9805

Target                                   :            2.9996, 3.0378, 3.0726

Technical View                     :             SHORT BELOW 2.9421

Target                                   :            2.9226, 2.8888, 2.8496

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