CME Copper Futures: Rising Trend Line Intact
George Lam October 12, 2020 10:04 PM
Copper price remains supported by expectations that government spending would boost demand for the industrial metal...
On a daily chart, CME Copper Futures remains on the upside as it is supported by a rising trend line drawn from March. It has rebounded sharply after reaching the trend line in early October, and recovered to the levels above both the 20-day and 50-day moving averages. The level at $2.92 may be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $3.12 and $3.30.
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