Buying exhaustion in Copper is now imminent – TDS

Source Fxstreet

We expect notable CTA buying activity in Copper markets this session to set the stage for subsequent buying exhaustion, TDS senior commodity strategist Daniel Ghali notes.

CTA buying activity in Copper to slow down

“CTA trend followers will now be tapped out without a substantial rally propelling Copper prices back towards the $9,800/t mark. The set-up for flows is already asymmetrically tilted to the downside, but we estimate that only a big downtape could spark large-scale selling activity over the coming week.”

“The set-up in Aluminium markets remains more favorable should the complex continue to rally, with continued CTA buying activity expected in an uptape. That being said, the set-up for algo flows in aluminium is now symmetric.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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