Copper Price Forecast: Bull Case To Prevail On Robust Supply And Demand Drivers

Copper found support near its 12-day Exponential Moving Average (EMA) after dropping from a multi-year high in late February. The subsequent move saw prices rally before stopping short of the 61.8% Fibonacci retracement level. Despite the recent move lower, March’s monthly gain remains intact at a little north of 2%

A move lower would likely see the 12-day EMA step in to underpin price action again. A break below that would start eating further into February’s price action. To the upside, bulls have the multi-year high of 4.363 in focus and breaking above that level would bring the all-time high into scope for a potential extension beyond.

Copper Daily Chart

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Chart Created with TradingView

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