The LME Copper price crashed back below $10,000 as fears of slowing demand from its biggest consumer encourages profit-taking. Three-month Copper traded on the London Metal Exchange is trading at $9,905 in Asian hours and attempting to pare yesterday’s -3% losses. Over the last month, the Copper price has retreated […]
The Senior Technical Analyst at Commerzbank covering the FICC desk, Axel Rudolph, has provided insight into the future copper price action in the short term. According to the analysis, copper price could inch higher, targeting $12303.50 per ton (i.e., $5.58 per pound). Commerzbank noted the current all-time high at $10,747.50/ton […]
Copper price stormed to a new record high after bulldozing its way past the previous Feb 2011 record. This move comes on the back of renewed weakness on the US Dollar and risk-on plays that favour industrial metals and risk-associated commodities. The poor April NFP numbers have piled selling pressure […]
OCBC Bank has joined the list of institutional investors that are predicting new all-time highs for copper prices. This time around, strategists at OCBC predict that copper prices will break the record high of $10,190/ton (equivalent to $4.6495/pound on COMEX), especially now that prices are about 5% short of this […]
Copper price is on a consolidation pattern after reaching a 10-year high in Thursday’s session. Since mid-March 2020, the red metal has been on an uptrend amid the ongoing push for decarbonization. Over the past 13 months, it has surged by about 124%. China, the US, and Europe are among […]
Copper prices extended their gains for the 3rd straight session and are expected to target the February 2011 high at 10190.00, according to the latest outlook by Axel Rudolph, who works at Commerzbank as a Senior FICC Technical Analyst. The current rally in copper prices amounts to a 124% gain […]
Copper price continued its March towards multi-year highs this Friday as it surged 1.54% on the back of strong PMI data and renewed concerns that the socialist frontrunner in Peru’s June election runoff could nationalize the mining industry. Populist candidate in Peru’s election Pedro Castillo has promised to make sweeping […]
The Rio Tinto share price declined slightly after the company released its first quarter production results that were mostly in line with what analysts were expecting. The firm also left its guidance unchanged but warned that there was a possibility that iron ore demand will be weak. The RIO share […]
A pick-up in demand is causing a surge in spot copper prices this Monday. Following a retreat in the last trading session, copper prices are up strongly this Monday, gaining more than 2% as demand for the red metal picked up. Also helping boost the prices of risk-driven commodities this […]
Copper price appears set for its biggest weekly gain since February 2021 after rounds of positive data from the US and China pumped up expectations of a quick recovery of the global economy. This Friday, China recorded its largest GDP growth on record, as it clocked an 18.3% GDP growth, […]