Copper Futures: Kicking off Higher

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Copper Futures: Kicking off HigherCopper FuturesCOMEX_DL:HG1!HKCM_GlobalCopper futures are starting the new trading week with moderate gains. We primarily expect further increases up to just below our resistance line at $6.71 in the near term. After that, copper futures should see a clearer move to the downside, but remain above our support line at $5.25. The long-term uptrend is then expected to continue. Alternatively, copper futures could drop directly below support at $5.25, which would signal that the larger (corrective) upward move has already ended (probability: 33%).