Copper falls, snapping a six-day winning streak

• Copper prices are down 1.32% at the close of the American session.
• The Dollar Index (DXY) recorded its fifth consecutive session of declines, reaching lows not seen since June 13 at 104.80.

Copper opened the European session with a daily high of $4.65, finding sellers who pushed the metal to a daily low of $4.57. At the time of writing, copper is trading at $4.59, down 1.32% on the day.

Copper prices fall, ending a six-day winning streak

Copper prices have recorded a 1.32% loss today, ending the session at $4.59. Investors are expecting further measures from China to stimulate the domestic property market and, in turn, demand for copper.

The Dollar Index closed its fifth consecutive session lower, hitting a three-and-a-half-week low of 104.80, losing marginally 0.13%. The Dollar fell last Friday following a slowdown in job growth, while the Unemployment Rate rose marginally to 4.1%.

Technical levels in copper

Copper has formed a short-term support at $4.49, the low of the June 4 session, in confluence with the 78.6% Fibonacci retracement. The next medium-term support is found at $4.31, the low of June 28. The closest resistance is found at $4.68, the high of the July 5 session.

Graphic copper diary