December Copper

December Copper – Long from 288.75 – last price @ 295.30 – Octagon Research says China's booming economy may even stronger than people thought, with most analysts underestimating the country's copper consumption. Adding to this longer-term bullish secenerio, miners is Peru began a nationwide strike and the strike at the BHP Billiton Ltd mine in Chile entered its seventh day. Looking at the charts,  this breakout followed a period of consolidation where December Copper futures had formed a longer-term continuaiton pattern, suggesting rally into the descending reaction line target objective currently at 326.00.-  Hold the long position with the stop loss at 288.75.

December Copper