Copper Futures---Copper futures in the September contract settled last Friday in New York at 2.9120 a pound while currently trading at 2.94 up about 300 points for the trading week as we have to roll out of the September into the December contract as expiration is upon us.
I have been recommending a bullish position from around 2.71 and if you took the trade continue to place the stop loss now in the December contract at 2.8935 as the chart structure is outstanding at the present time as copper hit another yearly high in yesterday's trade as this market still remains bullish as I think 300 will be cracked in next weeks trade.
There has been extreme volatility in the stock market over the last several days creating volatility in copper which has basically rode the coattails of a strong U.S economy and strong physical demand of copper due to a very bullish housing market so continue to play this to the upside.
I still think there is room to run possibly up to 3.30 level in the weeks ahead as this has been one of the strongest trends over the last several months coupled with the fact of excellent chart structure therefore lowering the monetary risk for such a large and volatile commodity.TREND: HIGHER--CHART STRUCTURE: EXCELLENT
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