Copper falls to lowest since January
Copper has broken the June low and is in danger of falling to a two-year low as the US-led trade war threatens global growth.
Copper is among the most-sensitive commodities to global demand and an escalating trade war could hurt both US and Chinese growth. It fell as much as 3.4% today and 5.3% this week to $2.57.
Technically, it cut through support at $2.60/lb and is now threatening the January low. This isn’t a pretty picture:A break of support at $2.54 would highlight the 2017 low of $2.47 followed by a drop to the 2016 lows near $2.00.