COPPER TECHS: (N5) Resistance Intact
- RES 4: $541.50 - High Mar 26 and a key resistance
- RES 3: $521.30 - High Mar 28
- RES 2: $509.85 - 76.4% retracement of the Mar 26 - Apr 7 bear leg
- RES 1: $498.25 - High Apr 23 and a key short-term resistance
- PRICE: $469.15 @ 14:20 BST May 21
- SUP 1: $447.75 - Low May 9
- SUP 2: $436.00/407.40 - Low Apr 10 / 7 and the bear trigger
- SUP 3: $400.00 - Psychological round number
- SUP 4: $392.10 - Low Aug 7 ‘24 low (cont) and a key support
Copper futures are trading in a range. The metal traded sharply lower on Apr 30, undermining the recent bullish theme. This suggests that the rally between Apr 7 - 23 has been a correction. Key S/T resistance has been defined at $498.25, the Apr 23 high. A resumption of weakness would expose $436.00, the Apr 10 low, ahead of $407.40, the Apr 7 low and key support. On the upside, a break of $498.25 is required to reinstate a bullish theme.
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FED: Chicago's Goolsbee: Central Bank Independence Key To Anchor L-R Infl Exp
CNBC anchors trying to pin down Chicago Fed President Goolsbee (2025 voter, dove) on the impact of President Trump potentially replacing Fed Chair Powell - Goolsbee won't be drawn into the speculation but he is emphatic that central bank independence is crucial to keeping longer-run inflation expectations down.
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