Citigroup (NYSE:C) said copper is in a period of flux depending on reliable economic data and the ongoing depth and length of the weak housing market.
The giant bank said it would take "Some dramatically good economic news" to push copper above its resistance level of $8,000, although the financial institution said there's a 25 percent chance of that happening.
It's hard to see what that 25 percent chance is based upon, but we'll see.
As far a big drop in price, Citi sees that equally possible as a big jump, saying that has about a 25 percent chance of happening as well.
Dropping from five-month highs today, Citi said the probability is copper will remain level for some time until the economics play out.
Expected weak economic growth has the market believing copper will probably pull back some more, as there is nothing in housing to signal a reason that will change.
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