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Posted by Ryan Case | 26/10/2017 16:55
Copper has remained for almost two weeks within the wide single-day trading range set on October 16.
The copper market traded to new 2017 highs above 3.25 on the 16th October, eclipsing the 5 September high at 3.17.
The market has subsequently traded lower again, but has remained for almost two weeks within this wide single-day trading range set on October 16. As such any break of this daily range could be important in setting the future trend.
A break of the second (orange) ascending trend line may lead to a more extended retracement.
Data out of China this month has been mixed, with September Industrial Production growth beating forecasts (6.6% actual vs. 6.2% forecast), Q3 GDP growth meeting forecasts (6.8%) and September Fixed Asset Investment missing (7.5% actual vs. 7.7% forecast). China is the world’s largest copper consumer and many market participants watch China data for a gauge of copper demand.
Drawdowns in LME copper inventories have taken place on a weekly basis in October, ending 6 October at 291,000 tonnes, 13 October at 285,025 tonnes and 20 October at 283,450 tonnes. Falling inventory levels could infer a period where demand, represented by withdrawals, is outpacing supply and may be an indication that prices could be higher in the future.
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