The price of COMEX Copper futures is up 1.04% at $4.2220 per pound on mid-Thursday trades.
Copper prices last week fell to an eight-month low as mixed concerns over global economic growth joins China’s downbeat data and fears over COVID headlines.
Price sentiments, however, have improved this week as a mildly upbeat market sentiment weighs on the US dollar. Also, favoring the red metals are the recent positive headlines from China regarding its COVID situations.
The metal gains support as market participants hopes of normal activities resumption in China after multiple days of COVID-lockdown, mainly due to the recent fall in virus cases. Elsewhere, the US Dollar Index (DXY) drops as bulls await fresh clues from various policymakers. However, the broad market fears of inflation and growth remain on the table and will weigh on the red metal prices in the future.
On the technical side, the RSI of Chicago copper futures stood at 40.08 and is currently trading above MA (20) but below MA (50) and MA (100). SO, BUY position can be taken with the following target and stop-loss:
