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Put Options Profitable As Copper Slides - Fears Of Oversupply Return -

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Jun, 21st 10:10

Copper

On Monday, copper experienced a sharp rally as a weaker dollar boosted dollar-denominated commodities like copper, that become cheaper for non US consumers as the dollar falls. Moreover, the base metal price also benefited as concerns on Brexit eased after two of the latest polls reported that the “Remain” camp was in the lead. Nevertheless, today, copper has fallen slightly on worries over global oversupply. China is estimated to have exported a significant amount of copper in May, because of sufficient stockpiles in local inventories. The country’s copper output in May rose by 6.6% to 680,000 tonnes, compared with production a year ago. On the daily chart, RSI (14) continues to fall and is currently at 49.4840, signaling that a bearish trend is stepping in. The price is anticipated to dim further.

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