Copper Below March Low Signaling More Losses: Technical Analysis
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Copper futures that posted their biggest first-quarter decline in more than a decade are headed lower this month, according to technical analysis by Paul Kavanaugh at FuturePath Trading LLC.
The attached chart shows the contract for May delivery on the Comex in New York closed at $3.3745 a pound yesterday, below the intraday low on March 19 of $3.388, the lowest for a most-active contract since August. That suggests the price will drop within a few weeks to $3.31, the lowest price for the May contract last year, Kavanaugh said.