Calculations at FxWirePro suggests that the red metal copper, which is widely considered as an industrial barometer is currently trapped in a Bull/Bear fight for the near term control, while the broader trend still remains bearish.
While Sino-American trade war is exerting downward pressure on Copper, the recent shift in monetary policies, where the major global central banks have either eased and signaled policy easing including the Federal Reserve, European Central Bank are supporting the price.
- Bulls are currently aiming to push prices to as high as $2.9 per pound area, while bears are eyeing $2.42 per pound area. The Bears would need to clear $2.6 support hurdle to push price lower. Copper is currently trading at $2.68 per pound area.