Look again, all commodities are in free fall. The USD dollar rising strength is creating the prefect killing fields.
Watch the news headlines for miners filing for administration / bankruptcy, after which commodity pricing will recover to long term averages. For Copper imo that means a price range of $2.95 to $3.30/lb.
Current copper prices have held up well when compared to everything else in the commodity space. Hence I believe copper will retest recent lows of mid $2.40s, whether it does is yet to been seen, but the recent rise was weak. Weak rises are created by market participants to lock in a short position. If copper does indeed slide then i wouldn't be betting the house it will bounce off 2.45/2.50 zone area.
Play it safe.
TGS Price at posting:
6.7¢ Sentiment: None Disclosure: Not Held