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Copper Technical Analysis
Copper remains under pressure, albeit the bearish momentum appears to be slowing. Last week, the FT reported that stockpiles in Shanghai warehouses hit their highest level since 2020 amid weak demand due to China's real estate sector downturn. Given the high prices reached in the previous month, manufacturers refrained from buying since they had an incentive to deplete their inventories. The FT also reported that Chinese copper fabricators appeared to have resumed buying the metal, with stocks showing minor declines in recent weeks. All else being equal, if we continue to see the pickup in global growth, we could see ... (full story)