LME Copper dips below 50- and 200-day moving averages
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China Scrap Prices
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LONDON (Scrap Monster): Copper traded on the London Metal Exchange has fallen through its 50- and 200-day moving averages.
According to Triland Metals, the settlement for three-months metal was $7,953 a metric ton, and the 50-day average stands at $7,969 and the 200-day at $7,988. The weakness came after a bearish technical close on Friday.
“We have seen tentative consumer buying through the day but it has been easily matched by technical selling,” the firm added.
“On the fundamental front, news that Chinese copper production rose 4.3% on year in September against a slow demand background in the country is also weighing on prices. $7,700 looks a likely technical objective,” Triland continued.
The 100-day average is still a ways below the market at $7,738.
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