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Copper in Downward Rally the Fourth Day in a Row

August 14, 2014 at 13:47 by Andriy Moraru

The copper is declining for the fourth daily trading session in a streak. Both technical and fundamental factors have pressed on this metal to push it down to the late June lows.

Copper’s decline is accompanied by the weak performance of nearly all commodities except for palladium, which is continuing its recent rally. The fundamental factors for copper’s weakness include lower-than-expected growth of Chinese industrial production in July (9 percent vs. 9.2 percent forecast) and the GDP decline in Germany during the second quarter of 2014 (-0.2 percent vs. 0.8 percent a year ago).

The technical factors are based on the double-top formation that has finally kicked in when the price for copper dropped below $3.12 per pound yesterday.

Copper price declined from $3.1028 to $3.0883 per pound as of 13:45 GMT today. The daily low of $3.0873 per pound is the record minimum level since June 20 this year.

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