Copper Feels the Pressure as Commodities Start to Fade

Paul Harper submits:

Following my post last week "What goes up must come down", in which I looked at the two largest producers of copper, Chile’s Codelco and also the American firm Freeport McMoRan (FCX), I spent some time over the weekend researching the copper market to see if I could find any more signals that would show market direction.

Re-capping on the trade, FCX saw some very significant selling volumes from the open on Friday and the trade triggered as FCX fell through the 65 mark, where I committed to 50% of my planned exposure; the remaining 50% was then entered at 64.25 and I rode this down to 63.06. I am looking to repeat this trade as a swing this week and here are some of the reasons why.

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