Copper is under selling pressure

Price action in the base metal complex is staving off Commodity Trading Advisor selling pressure in Copper , however the higher selling trigger, now at $9,350/t, is becoming more of an entrenched risk for the red metal, TDS commodity strategists note.

Demand for base metals in China is weakening “Indeed, with our gauge of global commodity demand continuing to weaken, while depressed premiums and surging inventories in the Middle Kingdom argue against fundamental tightness, there are plenty of potential catalysts that could see prices ease further from here, particularly given still bloated money manager positioning.

Source: Digital Coin News (digitalcoinnews.net)

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