The world's demand for Hg/copper is reduced from the previous weeks, this could lead to a correction in copper prices.
there are sentiments to consider for trading COPPER. I usually use 2 sources to see the sentiment of big players:
1. LME : London Metal Exchange is a futures and forwards exchange with the world's largest market in standardized forward contracts, futures contracts, and options on base metals. The exchange also offers contracts on ferrous metals and precious metals.
https://www.lme.com/Metals/Non-ferrous/LME-Copper#Volume+and+open+interest
2. CFTC : Commodity Futures Trading Commission is an independent agency of the US government created in 1974, that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
https://www.cftc.gov/dea/futures/other_sf.htm
It can be concluded that copper tends to be bearish for correction in the short term, but in the long term it still tends to be bullish.
1. Interest in the LME has decreased slightly from 684k to 675k: as in the theory of supply and demand, when goods are not in demand, prices will fall.
2. Contracts on metal trading on the CFTC tend to be more short contracts for the short term.
3. price breakout on the daily time frame, target to the next support level
there are sentiments to consider for trading COPPER. I usually use 2 sources to see the sentiment of big players:
1. LME : London Metal Exchange is a futures and forwards exchange with the world's largest market in standardized forward contracts, futures contracts, and options on base metals. The exchange also offers contracts on ferrous metals and precious metals.
https://www.lme.com/Metals/Non-ferrous/LME-Copper#Volume+and+open+interest
2. CFTC : Commodity Futures Trading Commission is an independent agency of the US government created in 1974, that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
https://www.cftc.gov/dea/futures/other_sf.htm
It can be concluded that copper tends to be bearish for correction in the short term, but in the long term it still tends to be bullish.
1. Interest in the LME has decreased slightly from 684k to 675k: as in the theory of supply and demand, when goods are not in demand, prices will fall.
2. Contracts on metal trading on the CFTC tend to be more short contracts for the short term.
3. price breakout on the daily time frame, target to the next support level
