Copper weekly outlook for trading Levels

DSR Broking

Copper

Copper weekly outlook Minor support for the commodity lies in the zone of 400 to 403. Support for the commodity lies in the zone of 395 to 397 where trend-line support for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 390 to 392 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 412 to 415 where high for the November-2016 and February-2017 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 422 to 425 where long term Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 390 – 393 on downside & 422 – 425 on upside.

WHY COPPER PRICE FLY 

China is considering banning imports of scrap metal starting at the end of next year. If it follows through, demand for imported refined copper could increase. China makes up almost half of the world's copper consumption, importing about 23 million tons this year.
Mining and materials stocks reacted by gaining in midday trading Wednesday, led by U.S. giant Freeport-McMoRan, up 2 percent. Newmont Mining also rose 2 percent, Southern Copper Corp was up 0.5 percent and BHP Billiton Limited was up nearly 2 percent.
Copper is up more than 5 percent this week, as trading in the metal saw the biggest volumes since November. Copper's move past key technical levels furthered the rallying, as additional buying added on to the boost.

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