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Copper is trading at 311 cents per pound as traders lock in their profits from last week’s rally ahead of the tonight’s manufacturing report. The HSBC manufacturing PMI for China has been in contraction territory for the past four months, and the consensus is for a reading of 48.4. The official report compiled by Beijing is still showing a small expansion in manufacturing, but some traders place more stock in the HSBC survey.
Copper was rangebound between 300 and 310 cents per pound for a number of weeks, and after finally breaking out of it to the upside we have now pulled back.
If the figures are poor we could drop below the 310 cents per pound mark. On the upside copper could target the 314 level if the report exceeds estimates.