Monster night for copper. Copper futures broke out of the down trend. A high of $4.5280 closing at $4.5160. Probably re test the break out levels when the Chinese try to push the price down during the asx time slot. Then hopefully it can push to new highs.
Not withstanding the Chinese issues with Evergrande etc... do not be surprised to see copper up towards $5/lb by years end.
Global demand is picking up for goods including Australia emerging out of lockdown and the world is turning to green energy in a massive way. The media has been down playing copper (esp Bloomberg) for a few months now and yet oil has stayed strong.(oil the other commodity bellwether.) Has Mike Bloomberg been shorting copper? Or misinforming the public whilst taking a copper position?
Even with all the volatility recently you can see a clear sideways trend that has turned into a solid support level.
Copper Price news, page-136
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Last
2.0¢ |
Change
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Mkt cap ! $30.51M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 6 | 569999 | 2.0¢ |
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| Price($) | Vol. | No. |
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| CYM (ASX) Chart |