Market context
Copper is trading near $6.65/lb, close to its record high of approximately $6.87. Momentum remains strong, although the market appears increasingly extended following a 6% monthly gain.
Trade scenario
Bias: Bullish
Timeframe: 1H
Entry: 6,6000
Stop loss: 6,5900
Target 1: 6,6267
Target 2: 6,6505
Risk/reward: 1:1 or 1:2
Primary risk factor
Weak Chinese industrial demand, a stronger U.S. dollar, slowing global manufacturing, rising exchange inventories and profit-taking at record levels.
Primary risk factors
What could change the outlook
- Weak Chinese industrial demand, a stronger U.S. dollar, slowing global manufacturing, rising exchange inventories and profit-taking at record levels.