Intraday tip for Copper and other base metals – Generatebucks.com



US – China trade has heavily impacted Copper and other base metals. All metals have lost shine and are barely surviving with minimum support.

Looking at all emerging markets, most currencies including Indian Rupee has seen a decline. Chinese Yuan also suffered a lot but we now can anticipate a little stability.

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We saw all base metals trading sideways on Monday and decline in INR did play a role. Looking at current sentiments, all base metals are trading lower and it is sellers’ market.

We can expect sellers to dominate market for few up coming sessions so for all base metals, strategy should be sell on rise.

Most traders feel that each individual base metals are following their won fundamentals but we have seen all base metals trading in range.

Market will have a different sentiments or could continue the same way after 6th September but I suspect a range bound trade for few weeks.

Overall, the trend is negative and we would see metals re-testing support levels.

Copper


Copper is trading range bound and we can see it moving from 417 to 425. I would not advise to buy in this market so selling around 421 for target of 418 would be a great trade.

Aluminium

I foresee aluminium also following a bearish trend. One can enter into a short position today around 148.50 for target of 146 in upcoming session with strict SL of 149.70

Nickel

Nickel has been bearish in past few sessions and I expect trend to continue.


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