Copper rose as the end of Shanghai lockdown led to prospect of rising demand

Chicago Copper futures

The price of Chicago Copper futures is up 3.74% at $4.4910 per pound on mid -Thursday trades.

The lifting of COVID-19 restrictions in top metals consumer, China buoyed hopes of demand recovery, although a strong US dollar limited the upside.

The resumption of work and production in Shanghai is making market participants optimistic about the increase in demand, resulting in copper prices fluctuating upward. However, the rebound of the US dollar and the expectation of raising interest rates still put great pressure on copper prices.

According to the data released by the ISM, thanks to the acceleration of orders and outputs, the ISM manufacturing index of US was better than expected in May.

Copper possesses properties that give it a central role in the drive towards a greener future, particularly the red metal’s ability as an electrical conductor. With the increasing global adoption of green technology, copper’s future looks bright.

On the technical side, the RSI of Chicago copper futures stood at 60.58 and is currently trading above MA (5) and MA (20) but below MA (50). SO, BUY position can be taken with the following target and stop-loss:


About Author

Related posts

Dollar Index

Dollar Edges Lower; RBA Hikes Interest Rate

AUD/USDis trading down 1.12% at 0.6782 The U.S. dollar edged lower in early European trade Tuesday, while the Australian dollar dipped despite the country’s Reserve Bank announcing a half-point rate hike. At 3 AM ET (0700 GMT), the Dollar Index, which tracks the greenback against a basket of six...

Read More
European stock markets

European Stocks Largely Higher; DAX Underperforms After Trade Deficit 

FTSE 100 is trading up 0.65% at 7196.67 European stock markets edged largely higher Monday, starting the new week on a positive note despite the Wall Street holiday limiting activity. By 03:40 AM ET (0740 GMT), the DAX in Germany traded 0.1% lower, while the CAC 40 in France...

Read More

Copper set to end June with a 16-month low

The price of COMEX Copper futures is down 2.33% at 3.6925 per pound on mid-Thursday trades. Copper prices further declined on Thursday. This makes copper prices on track for the biggest quarterly percentage fall since March 2020. The potential of a recession occurring coupled with the decline in demand...

Read More

Leave a Reply