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Copper Price Lags As The Precious Metals Surge

Copper price failed to mirror the gains that gold and silver experienced yesterday. This sudden surge in positive sentiment is attributed to October CPI data, which showed a 3.2% inflation on a YoY basis, below the anticipated 3.3%. This was also a significant decrease from the last month’s 3.7%.

However, as of right now, the brown metal is up 0.68% as it hovers around its 6-week highs. This uptick is supported by China’s positive industrial output data released on Wednesday, which revealed a growth of 4.6%, beating the consensus of 4.4%.

The price for copper appears to be facing some resistance at the $3.71 level. At the time of writing this article, the metal was priced at $3.7105, which shows a 15% drop from its yearly peak of $4.36.T

Consequently, the bulls need to be vigilant as a breakout above the $3.71 resistance level would trigger a retest of the 200 MA, which was breached last month. Despite this, the macro Copper price forecast remains bearish due to its earlier breakdown from the symmetrical triangle pattern.

Copper price chart
Copper Price Technical Analysis