The ongoing slide in Chinese equities, which many commodities initially braced against,has proved to be too much of a downward force for most to fight off. Copper failed tohold on to support and has now slipped to yet another fresh multi-year low, hittingthe $4,400/tonne mark on Monday, January 11 for the first time since May 2009. Rightnow it appears as though the period of consolidation witnessed over recent weeks hasbeen completed and that the downward cycle has resumed. Technical analysis certainlypaints a fairly bleak picture for the direction of copper prices in the near term.
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