Copper prices rebounded from a pullback to a two-month low of $9,012/t and has been consolidating in the vicinity of $9,241.80/t on Tuesday, June 22.
The rebound on Asian markets today acted as the driver for a trend reversal in copper, with Japanese and Chinese up on a strong handover stateside. At this point, no one is afraid of concerted action by the Fed, allowing market sentiment to recover.
No market-moving macro data is due out of China this week, only a limited number of releases will come from Japan, so investors will have to rely solely on changes in global sentiment.
Copper may continue to consolidate in the range of $9,215-9,277/t. A stronger upward move will require consolidation above $9,284/t. Then the road to $9,400/t will be open for the copper bulls.
Meanwhile, the medium-term trend for copper prices still shows a downside bias.