Copper came under selling pressure over much of the past week, which took some of the shine off the gains made in the second half of June. While we revised up our Q3 forecasts last week we also cautioned that from a technical perspective the long term trend remains downward. Has this trend reasserted itself? It is true that there appears to have been no real fundamental drive to this recent selling, but we suspect that it was simply a brief bout of profit taking after the June run up in prices rather than anything else. June trade data for China just released did confirm a decline in refined imports of 9.9% month-on-month, but a decline was widely anticipated and was not sufficiently dramatic to change overall market sentiment.
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