Bears Take A Big Swipe At The Copper Price!

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Commodity Trading Research
Copper Price How Low Can It Go?
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• Hi, My name is Justin and Im with Commodity
  Trading Research, today were reviewing our
  recently published article

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• Copper Price How Low Can It Go?

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• Copper producers just took another haymaker to
  the chin With the copper price sinking to new
  multi-year lows this week, miners like Freeport
  McMoran FCX and Southern Copper SCCO are no
  doubt feeling the pressure.

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• One look at a copper chart tells you all you need
  to know

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• As you can see, the red metal recently broke to
  new 2015 lows under 2.25 a pound. The downturn
  has copper off a whopping 25 year-to-date and
  down 30 from last year at this time.

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• Clearly, bears are making their presence known in
  this market.
• Why is copper crumbling?

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• Its quite simple really. China is the worlds
  largest consumer of the red metal, accounting for
  around 45 of global supply.

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• And since the countrys economy is experiencing a
  rather steep slowdown this year global copper
  demand has gone in the gutter.

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• Recent economic releases paint a relatively
  gloomy picture for China

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• Just last week the Peoples Bank of China (PBOC)
  revealed lending sank sharply in October. And
  thats despite the fact the PBOC has cut interest
  rates 6 times in the past year. But thats just
  the start of it

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• Chinas October PMI manufacturing reading came in
  48.3. While its a slight improvement over
  Septembers reading it still signifies the
  countrys vast manufacturing industry is
  contracting.

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• The culmination of months of weak economic data
  is precisely why Chinas Q3 GDP reading recently
  registered at 6.9. To be clear, economic growth
  near 7would be a fantastic windfall for Western
  economies.

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• But for China, its the weakest growth theyve
  seen in 25 years. Of course, we cant forget the
  impact of the US Dollar The worlds reserve
  currency is galloping higher thanks to the
  growing likelihood of a higher interest rates
  come December.

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• With the October jobs report coming in strong,
  its likely the Federal Reserve implements their
  first rate raise in over 10 years.

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• Without question, the copper market is facing
  stiff headwinds

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• However, theres a good chance bullish traders
  may be able to pull in some profits in the red
  metal soon. Heres how With the 2.00 technical
  support zone just a stones throw away theres a

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• very good chance of some abrupt short covering
  soon. As a result, quick traders can look to the
  DJ-UBS Copper Total Return JJC for a long
  opportunity.

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• But keep in mind, any short covering will likely
  be short-winded since the metals bearish
  fundamentals suggest it could fall to 6-year lows
  under 2 in 2016.

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