Copper Price Forecast: Evergrande Contagion Infects Charts
dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
Copper Price Forecast: Fighting to Retake Pandemic Uptrend
dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
Copper Price Forecast: Technicals Stabilizing, Fundamentals in Question
Advertisement
Copper Price Outlook:
Copper prices have almost staged a meaningful recovery in July. Just not quite yet as more technical resistance remains overhead.
The demand side hasn’t recovered since news out of China that the government would release industrial metals stockpiles to cool their respective rallies.
Trading is a function of both price and time; the technical uncertainty can be resolved either through a correction in price action or more sideways chop.
Minor Recovery Thus Far
Ever since late-May, when news has emerged from China that officials would take steps to curb “unreasonable” price appreciation in industrial metals by releasing inventories, copper prices have been under pressure. But with the drop in US Treasury yields alongside US equity markets pushing to fresh record highs (again), risk appetite is on the up-and-up, offering narrative relief for embattled copper prices.