Comex copper futures in month of September, closed at 2.95$ with loss. This was first losing month for comex copper futures after strong gains in June, July and august. In September, comex copper futures hit high at 3.17$ while recorded low of 2.89$ and closed near low. Total almost 0.28$ month range and weak closing for comex copper futures on profit booking after previous months strong gains.
On daily chart, comex copper is trading with losses for October series. And is in corrective trend and now trading below 20 and 50 days average level of 2.98$ and 2.96$. On downside 2.86$ is 100 days average level and major support zone. Daily chart RSI is at 45 and with fresh sell signal while MACD is -0.01 with bearish divergence.
For month of October, comex copper futures below 3$ will remain weak and bearish. On downside comex copper futures will have support as well as bearish targets around 2.85$ and then 2.72$ for October series if downtrend persists. If gives reversal and gives breakout above 3$ then that will be strong buy signal for short covering rally up to 3.12$ to 3.30$ levels.
This month copper prices might show some correction and consolidation before moving upside. 2.85$ is 20 weeks average level and major support on weekly chart and in this month copper future might test this support. Below that 2.7$ is 200 and 50 weeks average level and next major long term trend support zone.