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Stable phase in the month of July for copper quotations with fluctuations between 9130 $/ton and 9632 $/ton.
At the moment prices are under pressure against the first real resistance located in the 9450 $/ton area (transit area of the bearish line drawn from the highs of May 2021 – red and the 100-day moving average – blue).
Taking a look at the seasonality, from July 22 until the end of the month the price, on all time horizons (last 30-15-10-5 years), shows an upward trend, so the expectations are for a potential upward violation of the 9450 $/ton area, with first targets positioned in the 9750 $/ton area.
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