Listen to the latest market mood for the HG1!
The outlook for copper is strong fundamentally at the moment and copper has been underpinned overnight rising above the $3 /lb level as the London Metal Exchange rose to their highest level in more than 2 years. Going forward demand for copper is expected to rise. All the green technology through alternative energy sources heavily rely on copper wiring as a conductor. The demand for copper in the future looks set to grow. Also, a strong boom in property investment in China is further helping near term copper prices higher.
Therefore, for today’s session, expect pullbacks to the trend line marked to find buyers.
Trade Risks: If we see strong risk-off sentiment enter the market that will result in global growth concerns weighing on copper prices and invalidate this outlook.