Copper Futures December contract Daily Forecast – 30 September 2014

Copper bottomed yesterday at 3013 & beat 3040 to hit our 3064/69 target perfectly for a selling opportunity. Prices topped exactly here & dipped back to the 3040 level for a quick profit, which then worked perfectly as support. We have spent a week bouncing in a range from 3020/13 up to 3063/67. Trade these levels again today while we wait for a breakout. Try shorts in the 3065/75 area with stops above 3085. Be ready however to go with a break higher using 3080/70 as support & look for a move towards 3100/10 for profit taking on longs.

Immediate support is 3045/40 again today but below here risks a retest of 3020/13 lows. If trying longs here we need stops below June lows at 3009. A break lower should then target May lows at 3000/2998.

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