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Copper could slip below $10,000

Copper prices continue to slide at an even pace without fundamental support. Copper was trading at $10,095/t by the time of writing on Thursday, June 3 and could easily retreat to the key $10,000 support level.

Today's macro data out of China provided no price support for the commodity as the May Markit/Caixin services PMI dropped to 55.1, down from the previous month’s 56.3. The median forecast called for a flat reading.

Earlier, the May composite manufacturing PMI came out, but it turned out to be sluggish and unimpressive, up to 52, a tad up from the prior 51.9. Stronger signals are needed for raw materials, including copper, to move higher.

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