Copper Could Hit $9,760

Copper prices have been trending higher for the fourth day in a row. Copper has risen to $9,682/t and as long as the buy-side sentiment holds prices could rise to $9,759-9,760.

brass-colored cook ware hangs on wall

Photo by Aurélien Lemasson-Théobald on Unsplash

The upside trigger for copper was news about a Covid outbreak in China's Yunnan province. One of the country’s main copper deposits is located there, and a new round of the disease could lead to restrictions in the region, which could stoke a reduction in the output and supply of the metal.

China is the world’s largest copper importer, so any news regarding supply and demand at this level exerts a strong impact on the behavior of copper prices.

Disclaimer: Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.