The price of copper underpins the recent rally in mining stocks. Copper is also a proxy for the overall view on the the direction of the world economy: particularly the view on China. Copper has an inverse relationship with the U.S. dollar but in the end it is the perceived supply and demand balance that determines the price for copper.
Reference a previous post from March 31, 2016.
Reference pos from March 20, 2016: Daily chart for copper showing the doji on Friday and the lateral trading zone.
Copper long-term chart showing the major downtrend
“Technical Analysis is about probabilities.”
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