The CU price seems to be continuing to rise. Demand from China...

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Dragone64

4,108 Posts.

1324

15/03/24

18:00

Post #: 72911830
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Originally posted by Dragone64: ↑

Gold seems to continue to run. The upside resistance could be in the USD/oz 2160 to 2200 range - possibly an overshoot to 2300. I personally see prices heading towards 3000 by 2025, but that's another story.

What is copper doing after this endless back and forth?

I have added 2 charts. We are approaching USD/lb 3.90. I see resistance at 3.90 - then around 3.97. 4.00 is more psychological - the zone around 4.03 is more decisive. Above 4.10 we would see a clear buy signal. Where could this end? Depending on whether the breakout is rather violent (which I would almost think after such a long back and forth phase) or whether the movement is rather gentle - prices around 4.30-4.50 could be possible in the next 6-8 weeks or so.

The lower chart (gold vs. CU) could indicate that gold is about 1 to 2 weeks ahead of the copper price trend. If there is a correlation. I think it is worth keeping an eye on the development.

I can't imagine that a run by CU above the USD/lb 4.00 mark could be without any influence on HMX (and other explorers). Furthermore, some experts are of the opinion that 2024 offers a whole bundle of opportunities - especially for junior explorers and/or developers - less so for the "big boys". We shall see.

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The CU price seems to be continuing to rise. Demand from China appears to be higher than expected. The economy in the USA does not appear to be cooling off or remains robust. Electrification in Europe is stalling a little - probably until the next heatwave, when all the politicians will panic again and conjure up the end of the world - then it will be expensive. Hallelujah.

Conclusion: It seems to me that the markets don't quite trust the roast yet. It will take more pain on the CU price side to break the dams. When will CU Explorer shares react? Only at USD/lb 4.50? Probably sooner.

Quite a silence from the HMX front. I wrote to Dan and asked him about the drillings (JV, Shadow South, IOCG potential). Will report back as soon as I get an answer.

The bid-side has become quite thin again, hasn't it? I wanted to buy some more - but there is hardly any material available that could be skimmed off. Is there anything in the pipeline?

Whatever. I'm feeling pretty relaxed and wish everyone a good weekend.

HMX Price at posting: 3.7¢ Sentiment: Buy Disclosure: Held
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