Copper will likely rule at elevated levels in 2023
Copper prices are expected to rule at elevated levels this year despite a dip during the Chinese Lunar New Year holidays. Global political unrest could result in further upside for the red metal faces significant risks, analysts say.According to Shanghai Metal Market (SMM) News, Chinese copper cathode production in January was 41,700 tonnes lower than […]
Copper demand exceeds pre-Covid levels, up 27.5% in FY22
India’s copper demand rebounded and exceeded that of the pre-pandemic period in the 2021-22 fiscal. Driven by a phenomenal rise in power infrastructure projects, construction and industrial offtake, demand increased by 27.5 per cent in 2021-22, the International Copper Association India (ICAI) said. The demand was 12.5 lakh tonnes (lt) in 2021-22, up from 9.78 lt […]
Copper likely to witness supply deficit, prices may surge to $10,000/t
Copper will likely move into a supply deficit this year and its prices may rule higher than in 2022 targeting $10,000 a tonne, research analysts say.“On the demand side, we expect a rebound in mainland Chinese copper demand to boost prices along with a weakening dollar. On the supply side, we expect operational issues to […]
Copper Futures (HG1!), H4 Potential for Bearish Drop
Type: Bearish DropKey Levels:Resistance:3.9600Pivot:3.6885Support:3.5545Preferred Case:Looking at the H4 chart, my overall bias for HG1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to head back down towards the pivot at 3.6885 where the 61.8% Fibonacci line is.Alternative Scenario:Price may […]