Futures Commentary and Analysis


Here Are My Copper Thoughts
Michael Seery - IF - Wed Aug 23, 2:11PM CDT

Copper Futures----Copper futures in the December contract were down 30 points at 3.0060 a pound in a relatively nonvolatile trading session as I was originally recommending a bullish position in the September contract from around the 2.71 level if you took that trade continue to place the stop loss under the 10 day low standing at 2.99 as the chart structure will be stagnant for the next 5 days therefore your going to have to accept the monetary risk.

At the present time this is my only trade recommendation as I was stopped out of orange juice in yesterdays trade as I am also looking at a possible short position in the S&P 500 if we are higher tomorrow therefore lowering the monetary risk as I think stock prices might be topping out as we going into the volatile season, however stay long copper prices & place the proper stop loss.

Copper futures are still trading far above their 20 and 100 day moving average as this has been the strongest trend over the last couple of months to the upside as prices have been relentless to the upside cracking the 300 barrier as I still think there's a chance we can go to 3.20/3.40 despite the fact that the housing starts number was very poor in today's report.TREND: HIGHER----CHART STRUCTURE: IMPROVING

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