Reflation trades gives back 1/2 of the weeks reflation today
Copper was bought this week on the back of the idea that building roads and bridges, and hospitals, and airports and all infrastructure was good for copper.
Versus a week ago copper futures are still up over 11% but the gains have been pared about 1/2 in trading today. The 50% of the weeks range comes at 249.65 and the low for the came in at 249.60. The 50% level gave the sellers cause for pause and remains a support level to lean against for traders. ON a break, the 100 day MA at 244.80 (the current price is at 251.25) remains another support target.
