Have Copper Prices Bottomed ?

Copper Futures---Copper futures in the December contract settled last Friday in New York at 2.5625 a pound while currently trading at 2.625 up about 600 points for the trading week as prices are right near a 4 week high. In my opinion I believe the 3 year low which was hit on September 2nd at 2.4675 will hold as a possible trade agreement between the United States and China could be announced later this afternoon as that would certainly be a bullish fundamental factor towards higher prices.

I am looking at a bullish position in the coming days ahead as I do think a longer-term bottom has taken place as the chart structure is excellent at the present time therefor the risk/reward is in your favor.

Copper prices are trading above their 20-day but slightly below their 100 day moving average standing at 2.6400 as the volatility is also starting to increase as I have many bullish recommendations at the present time as I do think commodity market across the board look cheap especially if a very good trade agreement comes about as I see no reason to be short copper at these depressed levels as I want to play this to the upside.

TREND: MIXED

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

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