{"id":105061,"date":"2017-04-21T08:39:25","date_gmt":"2017-04-21T12:39:25","guid":{"rendered":"http:\/\/countingpips.com\/?p=105061"},"modified":"2017-04-21T07:39:58","modified_gmt":"2017-04-21T11:39:58","slug":"copper-technical-analysis-increasing-output-is-bearish-for-copper-prices","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/04\/copper-technical-analysis-increasing-output-is-bearish-for-copper-prices\/","title":{"rendered":"COPPER: Technical Analysis – Increasing output is bearish for copper prices"},"content":{"rendered":"
April 21, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

Increasing output is bearish for copper prices<\/strong><\/p>\n

Copper supply is increasing as two major mine disruptions ended, while China\u2019s construction growth slows. Will copper prices<\/a> continue declining?<\/p>\n

The end of copper production disruption in two major mines has increased the global copper supply, pressuring prices. A 43 day strike at Escondida mine in Chile has ended, and a temporary compromise on export shipments should allow the Grasberg mine in Indonesia to restore output to normal rates. Another negative impact for copper prices were data published by National Bureau of Statistics of China on Tuesday: growth in China\u2019s construction industry slowed to 5.3% in the Q1 2017 from 5.9% at the end of last year and has decelerated for four straight quarters, despite rising investment in infrastructure and the real estate industry. Continued slowing of construction in world\u2019s biggest consumer of copper is bearish for the copper price.<\/p>\n

\"Copper\"<\/p>\n

On the daily timeframe COPPER:D1 <\/b> has fallen below the 50-day moving average MA(50) toward the 200-day moving average MA(200).<\/p>\n