Commodities
Copper Price Hits Resistance at $6.88 for Fourth Time
The price of copper on Phemex has been repeatedly rejected at $6.88 since August, with four rallies failing to break through this level.
This resistance level forms a band between $6.83 and $6.887, about eight-tenths of a percent wide, and every rally that entered it came out lower than it went in.
The first rally peaked at 6.887 on August 6, the second at 6.851 on August 17, the third at 6.875 on August 26, and the fourth at 6.879 on September 9 and 10.
The break through this resistance level was short-lived, with the price falling 4.91% to close at $6.529 on September 10.