Copper once again in correction phase
The copper markets were in free fall mode last year, coming crashing down from 3.30 mid-year to 2.40 by December. After the bottom in January, we've seen a recovery phase. It hasn't exactly been a smooth ride, but we are moving back up again.
Management and risk description
Buy into the ongoing copper weakness, on current levels. Set a fixed stop and target limit in the market for a known risk and potential reward. The current contract to trade is July, HGN5, as that has the highest open interest.
Entry: Buy into current levels, around 2.77 USD.
Stop: Hard stop at 2.656 USD.
Target: Take profits at 2.998 USD.
Time horizon: Around two weeks.
July copper contract
— Edited by Oliver Morrison