The copper price is Likely to dictate lower for the Rest of this year

The copper price is Likely to dictate lower for the Rest of this year

copper technical analysis

The copper future tumbled by 0.82% to 3.3310 on Thursday 29 September.

After hitting a new high on march 4 it plunged over 30%, copper prices are expected to dictate lower for the rest of this year through supply is likely to prevent any fall.

According to Research agency Fitch solutions Country Risk and Industry research, Regular supply issues in Latin America will prevent prices down and we expect copper to remain rising by historical standards, averaging around $7500/tonne over Q4 2022

Copper price had climbed to a record 10,674 tonne in March after the Ukraine war broke out. Since then, it has been a southerly journey closing at $7400 a ton for the three-month contract on the LME

Gold prices tumbled on Wednesday in the international market as the dollar surged after Federal Reserve officials reiterated the US central bank to maintain an invasive policy. Spot gold was down 1.06% to $ 1652.81 per ounce as of 0132 GMT.

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