Copper is under selling pressure

📆 6/28/2024 3:41 PM
📰 FXStreetNews

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Copper News

Metals,Commodities,Banks

Price action in the base metal complex is staving off Commodity Trading Advisor (CTA) selling pressure in Copper, however the higher selling trigger, now at $9,350/t, is becoming more of an entrenched risk for the red metal, TDS commodity strategists note.

Price action in the base metal complex is staving off Commodity Trading Advisor selling pressure in Copper, however the higher selling trigger, now at $9,350/t, is becoming more of an entrenched risk for the red metal, TDS commodity strategists note.

Demand for base metals in China is weakening “Indeed, with our gauge of global commodity demand continuing to weaken, while depressed premiums and surging inventories in the Middle Kingdom argue against fundamental tightness, there are plenty of potential catalysts that could see prices ease further from here, particularly given still bloated money manager positioning.

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What is the US Commodity Futures Trading Commission (CFTC)?The CFTC is a federal agency tasked with promoting the integrity, vibrancy and resiliency of the derivatives market.
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