Copper Falls To $3, Now Sitting At Major Support
Simit Patel | Oct 20, 2014 12:15AM ET
Below is a weekly chart of Copper. It sits at support now, basically at $3, though it has been in a downtrend since at least 2012, as the chart below illustrates:
I think the decline of copper is another symptom of the wave of deflation we're seeing in prices. If we don't breach the 2014 lows of 2.88, though, we might see a range form that could signal accumulation and the onset of a rally. Personally, this time I wouldn't buy, though I think it's something worth watching in conjunction with equity and bond prices.
What do you think?
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