Copper prices continue to trend lower. There was a chance for stabilization this morning, but selling quickly resumed as market conditions remain unchanged. Copper retreated to a six-week low of $9,326. The technical picture implies a decline to $9,239, yesterday's bottom, and if that support level fails to hold, $9,135 will become a new bearish target.
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The copper market reacts negatively to media reports about the spread of coronavirus in China. This could disrupt economic growth, which is not at all encouraging.
In addition, China's confrontational dialog with Taiwan does not inspire optimism about the possibility of economic growth.
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