Copper futures have been back-and-forth in prices this week with the Greek debt issue and the nation’s potential departure from the Euro-community fresh on traders minds. Copper futures settled today at $2.6295 per pound, up $0.0120 for the day at New York’s Commodity Exchange.
Copper futures had been trading at four month highs in mid-May, but just last month had fallen to four month “lows.” Coming into the confrontation week for Greek default, copper futures are near two-week highs.
Devin Brady, President of Progressive Trading Group in Sherman Oaks, CA, shares his view regarding the fundamental assessment of the copper futures markets by stating, “Copper futures are having a heck of a time with price discovery.” Brady added, “Between the non-starter economy in China, and a possibly Greek default and departure from the European Union, the trade is still looking for some concrete direction it seems.”
The trend for copper futures is down with no bottom yet in sight. With the nation holiday ahead of us, if copper futures can’t find direction before Friday then perhaps the trade needs to get the holiday behind them.
ALL COMMENTARY IS CONSIDERED OPINION & VIEWS FROM THE AUTHOR AND NOT A SOLICITATION OF ANY SECURITIES. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.