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Nonferrous Metals Rose For The Most Part on Monday

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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

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