Copper looked like it was ready for a break higher but China has pulled it back

Copper prices lower for second day

Last Monday, copper made a big move to the upside and looked like it was breaking out of the recent consolidation but since then it’s quickly floundered and now it’s right back on the March closing lows.

Copper prices lower for second day

A big reason why is that China wants to put a lid on commodities inflation. China National Radio reported that the country will tighten controls on raw materials and that’s taken the air out if it.

Technically, you hate to see this kind of fake breakout and it lines up with all the uncertainty in oil, AUD/USD, CAD/JPY and another of other charts.

I can’t really find much to worry about in markets but there are too many bad charts to ignore.

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