Listen to the latest market mood for the Copper.
Copper has seen a strong rise higher in the last few weeks over concerns that supply will be hit due to COVID-19 shutdowns in relation to mining operations. However, some of those supply concerns from Chile have now drawn back. Yet copper prices still have plenty of reasons to rally as the globe turns towards a wave of green projects. All of these green projects will involve plenty of copper wiring which will mean copper demand will be growing in the medium term. As a result, we can expect copper prices to increase over the medium term.
Expect copper buyers on the breakout of the descending trendline.
We expect this trade to play out between now and the next 4-6 weeks.
Trade Risks: If we see a sharp fall in risk appetite then the pullback in copper prices will be deeper.