LME nonferrous metals rose for the most part on Monday morning, while Shanghai base metals declined broadly today. Better-than-expected US economic data buoyed the US dollar index on Friday night, which weighed on copper prices. The stalled talks on US fiscal stimulus package and a slow economic recovery in the Europe are likely to pressure copper prices. Congo ,Africa’ s biggest copper producer, announced an export ban waiver on copper concentrate, but said the duration of that waiver was still to be determined, with companies expected to submit proposals a week from now.
TREND : WEAK BULLISH / SIDEWAYS
Time : 24/08/2020
Pivot : 2.9197
Technical View : LONG ABOVE 2.9237
Target : 2.9314, 2.9385, 2.9487
Technical View : SHORT BELOW 2.9157
Target : 2.1901, 2.9009, 2.8928