Copper remains weak

Copper is still under pressure due to the global drop in demand of the metal and the slowdown of the Chinese economy. Copper made a low around the 226.00 level and even though it has retraced to the upside towards the 233.00 level, it remains in a consolidation between those two levels. The stochastics indicator on the 4 hour chart is around the 50% level, due to the consolidation that the metal is currently having. If the price breaks above the 233.00 level, it may try to go and visit the 200 period exponential moving average around the 240.24 level on this 4 hour chart. Below the 226.00 level, its next support could be the 224.00 level.