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Copper prices in a rebound

Friday, Apr 22 2016
Copper prices were range bound during Thursday’s session, swinging between gains and losses. The red metal has enjoyed a positive performance so far this year. The metal staged an aggressive advance in the first quarter of the year and then took a brief pause. Now, the metal is charging higher again. It has closed higher in nine of the past ten sessions and is now trading above $2.25 per lb. On the LME, copper closed Thursday’s session at $5,000 per ton; a four week high.
Copper’s recent upside has been due to some positive data out of top consumer China. While data from the country has, overall, been mixed this year we have had a recent string of almost exclusively positive data including better industrial production and investment inflows during March, solid Q1 property sales and increasing exports. This is bullish for the copper market as China consumes over 40% of the world’s copper. Another positive for copper is the fact that the metal is entering a period of increased seasonal demand. Bullish technical factors could drive the metal higher. 
 
Aussie is currently being traded around 0.7750 area. Pair is likely to find support around 0.77 handle and resistance above 0.78 level. There will be no data releases later today.
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