Copper Prices Slide as Rallying Dollar Dims Hopes for Aggressive Fed Rate Cuts
Copper prices dropped on Thursday due to a stronger US dollar.
Dollar Strength Weighs on Copper Prices
A robust dollar reduced expectations of aggressive Fed rate cuts.
Expert Trading Tips and Analysis for Copper, Gold, Silver, Crude Oil, and Natural Gas
- Copper Trading Tips: Consider selling copper futures on rallies.
- Gold Trading Tips: Monitor gold prices for potential buy opportunities.
- Silver Trading Tips: Watch for breakout above $18.50.
- XAUUSD Trading Tips: Consider buying on dips.
- Crude Oil Trading Tips: Monitor oil supply concerns.
- Natural Gas Trading Tips: Track weather forecasts.
Key Market Data:
- Copper prices fell 1.5% to $2.955/lb
- US Dollar Index rose 0.3% to 103.50
- Fed rate cut expectations diminished
Market Outlook:
The current market sentiment is bearish for copper.
Technical Analysis: Copper Prices
- Support levels: $2.90, $2.85
- Resistance levels: $3.05, $3.10
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