Copper Call Options Red Hot as Dollar Sinks and China’s Imports Surge
Jun, 09th 06:31
Copper rose on Thursday as the dollar stayed weak on expectations of a delayed rate hike by the Federal Reserve with a two-day holiday in China draining volumes and direction from metals. Copper has bounced back from its two-week low in the previous session, after Chinese customs department data showed imports of the red metal remained strong. China is responsible for more than 45% of the total copper demand and the country’s May imports jumped 19.4 percent year on year to 430,000 tones. On the hourly chart, copper is currently trading at 2.070. RSI (14) is moving up past the average to 56.47, showing that the bull is gaining more power. The price is expected to continue rallying and hit the resistance at 2.080.
Buy Digital Call Option from 2.058 to 2.080 valid until 20:00 June 10, 2016