The copper traded at Lme market over-extended its reaction, breaking up the main intermediate resistance ($6000-$6100), returning to close to $6370 (January 2020 highs).

In the short term is not excluded a consolidation trend with a pull back movement towards the first supports now fixed in the $6100 zone (the strength indicators are in extreme overbought). Also at a seasonal level, the proximity of August suggests that historically the metal has a negativity period with August 15 being the day of greatest intensity.

Widening the time horizon, the climate of positivity remains intact, which will be reconfirmed at the bullish break up of $6370 area in the direction of 6$400$$6500.

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