Copper testing key support
Copper was among the markets that fell as investors worried about a recession in Europe’s largest economy. But with US-China high level trade talks set to resume in October, it remains to be seen whether investors will continue to sell risk assets or ease off the gas in the event of a positive surprise.
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Following this morning’s publication of poor manufacturing data from Germany, copper was among the markets that fell as investors worried about a recession in Europe’s largest economy. But with US-China high level trade talks set to resume in October, it remains to be seen whether investors will continue to sell risk assets or ease off the gas in the event of a positive surprise. Market participants will also be watching closely the trend of this week’s incoming US macroeconomic pointers. So far, the US economy has remained relatively unscathed by its ongoing trade spat with China. So, from a demand point of view, it is not all doom and gloom out there. For that reason, copper prices could rebound – especially as the metal is testing THIS key support area between $2.5680 and $2.5815:
Source: Trading View and City Index.
Following this morning’s publication of poor manufacturing data from Germany, copper was among the markets that fell as investors worried about a recession in Europe’s largest economy. But with US-China high level trade talks set to resume in October, it remains to be seen whether investors will continue to sell risk assets or ease off the gas in the event of a positive surprise. Market participants will also be watching closely the trend of this week’s incoming US macroeconomic pointers. So far, the US economy has remained relatively unscathed by its ongoing trade spat with China. So, from a demand point of view, it is not all doom and gloom out there. For that reason, copper prices could rebound – especially as the metal is testing THIS key support area between $2.5680 and $2.5815:
Source: Trading View and FOREX.com. Please note this product may not be available to trade in all regions.
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