Copper slips from 1-week high? Is this a good time to go long in Copper?

Confusing trend is back in base metals after a strong rally. It was seen that Copper along with other base metals were trading in green zone for a while.#Investing Zinc

Copper Trading
Copper Investing - Commodity trading

Most traders and analyst were quite bullish about base metals but lately prices have been trading in range.

Today morning prices were capped as the International Monetary Fund (IMF) cut its global growth forecast and the trade tension between the United States and Europe seem to be growing.

The IMF cut its forecast for world economic growth this year to 3.3 percent from 3.5 percent previously, citing the U.S.-China trade war and a potentially disorderly British exit from the European Union. It warned chances of further cuts were high.

The U.S representative have sighted slapping tariffs on list of EU products ranging from large commercial aircraft to dairy products and wine in retaliation against European aircraft subsidies

With global tensions aggravating, US dollar slipped effecting all metals.#Investing Zinc

In past few weeks Copper along with other base metals recovered from the low due to supply deficit during this manufacturing season and positive numbers released by China. Despite production increase, there are supply deficits.

With global tensions and reports from IMF, traders have been cautious and we can expect few profit booking sessions.

A correction is expected but trend still remains positive. I would recommend buying base metals on any dips.

Commodity trading tips

Copper - Buy Copper at 445 for positional target of 460 in upcoming session. Please follow strict stop loss of 439. If April contract of Copper falls to 439 or less, we can expect it to follow a bearish trend

Zinc – Zinc has supply issues and this is a great time for positional traders to create short positions for long term. For short-term traders, I would recommend buying zinc at current market price for target of 228-230. I don’t think Zinc can see more upside. Once the supply issues are resolved, the metal would turn bearish #Investing Zinc

Nickel – Short term traders could buy Nickel on dips since long term trend is bullish for Nickel. For long term positional traders, I would advise to wait till the prices touch 960. This would be a great price to create short positions.

Aluminium – This counter is great for Intraday. Would recommend to short this to this week and make quick bucks.#Investing Zinc

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