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What I Am Watching Today – Copper, DAX, NASDAQ 100, and EURUSD

By: 
Christopher Lewis

The Nasdaq 100 and DAX test potential rebound zones, copper needs a breakout above $6.50, and EUR/USD remains vulnerable to a decline toward 1.11.

Copper

Daily copper futures chart showing prices near 6.47, below the 6.50 resistance level and the 6.59 moving average.
Copper futures trade near 6.47, below resistance at 6.50 and the shorter-term moving average at 6.59.

Copper is combining resilient Chinese manufacturing with significant differences between the industries at the moment. The Chinese National Bureau of Statistics released this week that September industrial value added rose over 5.5% year over year in real terms, while manufacturing increased 6%. Electrical machinery and apparatus expanded 8.1%, which, of course, is a major component of where copper will end up.