It is almost astonishing how the price of copper is developing. Some say it's exaggerated and speculative - I think it's really structural. After Israel's attack on Iran, one could have assumed that there would be profit-taking.
So far that has not been the case.
I'll share an hourly chart first. Wonderful breakout yesterday with an even more beautiful backtest. We are overbought but nobody seems to care.
The uptrends in the daily are intact. I think we will reach the 4.50 zone, maybe even 4.60 in the coming weeks. A consolidation towards 4.30 is possible - but does not change the overall picture.
I think we will see the 5 in 2024 - the 6 in 2025.
Supported by strong drilling results or a new discovery - this could then give the SP a massive spin upwards. ...and yes, I'm not forgetting gold.....
I wish everyone a good weekend.
It is almost astonishing how the price of copper is developing....
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Last
3.3¢ |
Change
-0.004(10.8%) |
Mkt cap ! $29.25M | |||
| Open | High | Low | Value | Volume |
| 3.5¢ | 3.5¢ | 3.3¢ | $34.93K | 1.012M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 1035528 | 3.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 3.9¢ | 10000 | 1 |
View Market Depth
| Last trade - 16.10pm 18/06/2024 (20 minute delay) ? |
| HMX (ASX) Chart |