Copper (HG1) Down $0.1 On 4 Hour Chart, And A Story About Copper Prices; Breaks Below 20 Day Average

Copper Daily Price Recap

Copper entered today at $2.9475, down 3.23% ($0.1) from the previous day. Those trading within the metals asset class should know that Copper was the worst performer in the class today. Below is a daily price chart of Copper.

HG1

Copper Technical Analysis

First things first: Copper crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Copper for the past day were:

  • From bobbyoflondon:

    #ARS Copper price now on verge of break out. A 27 month high! ARS sp was 11p last time copper was here & since then the BFS has been delivered & now getting close to potential strategic partner deal. No doubt that a re-rate’s due here…

  • From burngold:

    @PeterNBell @RidgelineNV Just clarifying what I mean. Stressing on IPO on the gold/tin/ copper price today/this week/next week is daft. When might that mine open? 2/5/10 years down the line? Those are the prices that need to chased?

  • From sbwcws:

    Ero Copper price target raised to C$21 from C$19 at CIBC
    $ERRPF

For a longer news piece related to HG1 that’s been generating discussion, check out:

Copper prices pick up in August as Chinese demand remains strong

LME copper prices increased throughout August, trading over $6,500/mt the last few weeks of the month….SHFE stocks continued to increase throughout the month, rising to 170,086 tons this month….The Copper MMI value increased 5.1% over last month….China’s copper prices increased by 4.7% to $7,629/mt.