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Copper Prices Hit A 2 Week Low

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Copper Futures---Copper futures in the December contract settled last Friday in New York around the 3.1100 level while currently trading at 2.9600 down about 1500 points for the week hitting a 2 week low. I had been recommending a bullish position from around the 3.0140 level getting stopped out earlier in the week around the 2.9560 level as the entire precious metal sector absolutely fell out of bed this week due to a strengthening dollar coupled with massive profit-taking.

The stock market volatility is high especially to the downside as that is spooking many other commodity sectors while at the current time the trend remains mixed, but I do believe a copper bottom will be formed soon.

Copper prices are trading right at their 20 day but still above their 100 day as the trend is mixed in the short-term so be patient as we could be involved soon as I think higher prices are ahead despite this recent setback.

At the current time I do not have any precious metal recommendations as I was stopped out of platinum which also fell out of bed earlier in the week as there's a lot of uncertainty out there due to the Coronavirus and the U.S election sending shockwaves throughout the markets this week.

TREND: MIXED

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER---@seeryfutures

Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.

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