Copper remains in red for the fifth consecutive day and extends weakness on Thursday, hitting new lows of over two weeks at $3.10 zone.
The metal accelerated lower in Asia after mild recovery to $3.1460, as stronger than expected China’s Manufacturing data showed limited impact.
Strengthening dollar and lower prices of global stocks keeps copper price under increased pressure.
Today’s weakness broke below important supports at $3.1312 / $3.1190 (base of thick daily cloud / Fibo 61.8% of $3.0250/$3.2710 rally) with close below to generate strong bearish signal for extension towards $3.0831 (Fibo 76.4%).
Daily MA’s are in firm bearish setup, but 14-d momentum remains bullish and oversold slow stochastic could obstruct existing bears.
Broken cloud base should ideally cap, however, stronger upticks cannot be ruled out and broken 100SMA ($3.1537) is expected to limit and keep bearish bias intact.

Res: 3.1190; 3.1312; 3.1537; 3.1705
Sup: 3.1050; 3.0831; 3.0780; 3.0415