We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Copper Futures
Copper futures in the July contract settled up 130 points for the week currently trading at 3.0755 a pound now trading in the middle of the 4-week consolidation as prices look to have bottomed out in my opinion. At the present time I'm sitting on the sidelines waiting for a 4 week high to occur as we continue to bounce off major support at the 3.00/3.05 level as copper prices have hung in there despite the fact that the U.S dollar continues to trade higher on a daily basis hitting a 5-month high in today's trade as strong demand due to a very robust housing market which continues to keep prices relatively strong. Copper is trading above their 20-day moving average but still below their 100-day which stands at 3.15 as I will be patient and wait for the breakout to occur while waiting for the risk/reward to become in your favor as we will not be involved until next week's trade most likely so keep a close eye on this market as I do think these prices are bottoming out. The entire precious metal sector has been on the defensive in 2018 despite the fact that crude oil prices hit a 4-year high today and the rest the commodities have started to come to life as I think that will start to bleed into the copper sector especially if the U.S dollar starts to top out as the volatility still remains relatively low for such a historically volatile commodity as I don't think that will last much longer.
TREND: MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH
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