Doctor Copper continues to correct

The copper price remains below the SMA 50 and resistance

Once the star of the inflationary global reflation trades, copper topped out 2 months ago and has made a more significant pullback than the bull flags of December-January and March. Currently it is below the resistance that was created around 4.30 when that former support was taken out.

If the summer cool down goes as expected, support around 3.70 to the SMA 200 (3.82) look like reasonable targets. Longer-term charts are in agreement.

copper price (futures)

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