Copper – Chinese steel mills struggle for price
"Chinese steel mills are studying measures to reduce production"
Lower prices for copper processing are pushing Chinese factories to take organized actions to reduce production in order to support prices. The likely decline in copper production pushes the asset to growth.
TAKE PROFIT
Since July 2023, copper prices have been on a growing trend. On March 13, prices reached the levels from April 2023, coming out of consolidation upwards. We believe that the upward movement will continue with a target of $4.5 per pound, which is 8% of the current price of $4.1 per pound.
STOP LOSS
Do not forget about risk management. It is recommended to open positions in copper by no more than 10% of the account, since a large number of resistances prevents the movement of copper. If the price fixes below $3.96, then the forecast for copper growth is canceled. A stop order[1] can be placed at $4 (-2.2% of the current price of $4.1).
[1]Risk management includes: setting a certain type of stop loss at certain levels, a position set method, a position reduction method, holding certain timings for decision-making and is of an individual nature, based on your personal risk profile. If you have any questions, you can contact our trader for advice (Portfolio Consultant package at the link https://eraperemen.info/priobresti/).
Disclamer. The analytics presented here are designed for people who have at least a basic understanding of the Russian financial market. If you have difficulties with the practical implementation of our recommendations, you can use the services of our specialists with the Portfolio Consultant package at the link: https://eraperemen.info/priobresti/
