The magnitude of the recent decline since mid-April is similar to the downturn experienced from mid-January to mid-March. Short-term upward and downward movements have already met the requirements, and prices have started to rebound since May 25th. Although I am not a fan of wave theory,  if forced to say something, it might be in the fourth wave, the C sub-wave XDDD.

Switching to the H4 timeframe, a potential inverse head and shoulders pattern can be observed, suggesting a possible opportunity for a short position.

Trading strategy: Fulfillment of the decline (daily chart), potential inverse head and shoulders (H4) 

Copper contrarian buying opportunity?

The Pair is forming a rising parallel channel. A rising channel breakout on the downside has a good success ratio and the failure rate is less than 15%

A breakout on either side will be an opportunity to enter.

Take Long position only if the Security closes above the parallel channel in a 5min time frame with RSI above 53, if the RSI is above 80 ignore. The Security should trade above the EMA.

Take Short position only if the Security closes below the parallel channel in a 5min time frame with RSI below 40, if the RSI is below 20 ignore. The Security should trade below the EMA.

RSI has formed symmetric pattern breakout of the pattern would lead to enter in the direction.

Rissing Parallel Channel

Stacks on AUDUSD

Another stack on EURUSD

EURJPY shorts from 150

GBPUSD longs from double bottom

No end to the GBPJPY bullish sign

Shorts on GBPJPY after breaking the support

Risky shorts for daredevils on US30

Silver has provided some serious bearish breakouts on 4H

Strong confluence on EURUSD longs

Gold, show us some love please!

Vision Pro is go long for

What's good, GOLD?

Breakout and retest on the resistance now turn support

Sellers are going to be liquidated

Ripple stacks at 0.5

Bitcoin Sluggish on bullish sentiments above 2000$

Bitcoin to extend its complex correction before bullish run

Took the loss, for another short position

AUDUSD under selling pressure

Gold still buys

Ripples previous bearish leg can be the last one for now

Still betting long on Chainlink

Stopped out for no good reason!

Lets go gold!

NFP day with Dow Jones

GBPJPY topping out?

Still bullish on Gold

Descending trendline retest

AUDUSD needs retracement at 0.6515

Breakout buy and retest on EURJPY

The Double Bottom can trigger a bullish breakout

EURUSD buys from 1.0730

EURUSD buys, but stalled on a monday holiday

Heavy support at 1937

EURUSD double bottom

Still looming for EURUSD longs

US Dollar Uptrend Has Started, Is It Time to Short EURUSD?

Stop hunts on RIPPLE

Still bullish on ripple

Stacks on Ripply

Still short on Bitcoin

Shorting ETH at the resistance

Taking a long position even after a loss

Expecting another corrective bearish leg before upside

Inverse head and shoulders formed

Ethereum retest at 1813

Bearish on Bitcoin

Waiting on Chainlink

0.4475 is the buy region for Ripple

Hawkish continuation of trend after a pullback

GBPJPY buys from 171.40

Double top on GBPJPY?

Still hovering GBPJPY

Fall on gold can be considered as last leg of bearish correction

Looking at gold buys from 1940

Gold pounced from support

Major support levels tapping

Textbook breakout and retest on NASDAQ

EURUSD to fall below 4HEMA200

Double bottom on support on EURUSD

EURUSD buys from support

EURUSD has still hidden bearish cards on the line

USDCHF to complete its correction before next fall

AUDUSD flooring at the support level

Gold buys from 1971

USDCAD seems to be getting ready for bullish run

AUDUSD tapping the support once again

Short Term Buying on AUDUSD

Still believe for Gold to move up

Kiwi struggling for sustenance above the DEMA200

Chainlink at the support level of 6.45

Breakout sells on Dow Jones 30

Daily and weekly resistance on NASDAQ

Gold to complete higher degree correction

AUDUSD breakout buy

Uptrend gold tapping major support

CADJPY looking for a retest of the resistance

Intraday EURUSD setup

Does XRP's Strong Bids at 0.41 Enough to Re-test 0.47?

GBPJPY testing the support

Shorts from retracement level

Longs at 50% retracement

EURUSD has turned favors to bearish trend

GBPJPY wants to fly high

Shorting gold till 1980?

Slipping on GBPJPY?

USDCHF to stay bearish until the break of TL above

Trendline speaks of bearish sentiments prevailing on USDCAD

EURUSD taking advantage of 1.0800 support

GBPJPY can go for a bearish run below the SL

Bitcoin still bearish

Minor resistance shorts on CADJPY

Chainlink buys from 6.32

Bitcoin will be bullish after bearish correction

EURUSD took a bearish turn

EURUSD completing daily cycle bearish correction

EURUSD maintaining steady bullish stance above TL

EURUSD still buys

ETH/USD bearish until touchdown at DEMA200

Copper futures approached the $3.8 per pound mark in June, the highest in nearly one month and extending its rebound from the six-month low of $3.5 touched on May 24th amid mounting supply concerns and hopes of a pickup in demand. Major market players continued to flag worries that copper supply may not keep up with expectations of strong long-term demand, since the metal is a key raw material for the transition to renewable resources. Copper inventories at the London Metals Exchange were under 72 thousand tonnes in June, the lowest in one month. Also, Chile said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022. The higher prices were also attributed to bets that the Chinese government will roll out stimulus measures to support weak momentum in the country’s industrial sector, as data from May showed that Chinese copper imports fell by 4.6% year-on-year.

Copper Extends Rebound to 1-Month High

Copper increased to a 4-week high of 3.8035 USD/Lbs

Copper Hits 4-week High

Copper decreased to a 29-week low of 3.534 USD/Lbs

Copper Hits 29-week Low

Copper futures approached the $3.7 per pound mark, rebounding from the six-month low of $3.5 touched on May 24th as mounting supply concerns and expectations of government stimulus outweighed evidence of low purchasing activity. Major market players continued to flag concerns that copper supply cannot keep up with expectations of long-term demand, as the metal is a key raw material for the transition to renewable resources. Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes in May, the lowest this year, and those at the London Metal Exchange were under 60 thousand tonnes, the lowest since 2005. Also, Chile said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022. In the meantime, concerning manufacturing activity and industrial growth figures in China ramped up bets of incoming stimulus measures from the Chinese government.

Copper Rebounds from 6-Month Low

Copper futures fell to the $3.7 per pound mark in mid-May, the lowest in over five months as a batch of new economic data deepened the prevailing demand concerns from China. Industrial production in the world’s top copper consumer rose by 5.6% annually in April, well below market expectations of a 10.9% jump, while property investment tanked by 16.2% and new home construction continued to decline. Also, poor industrial demand prompted China to import 407,294 tonnes of copper during the period, a 12.5% reduction compared to the corresponding period of the previous year. Still, tight limited a steeper decline. Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes, the lowest this year, and those at the London Metal Exchange were under 60 thousand tonnes, the lowest since 2005. Also, Chile said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022.

Copper Falls to Over 5-Month Low

Copper decreased to a 18-week low of 3.8 USD/Lbs

Copper Hits 18-week Low

Copper futures fell toward the $3.8 per pound mark in May, the lowest four months, as signs of increasingly low demand outweighed evidence of tight supply. Economic data continually suggests that the reopening of the Chinese economy has not lived up to expectations of a sharper recovery, underscored by April PMI figures unexpectedly contracting. Consequently, low industrial demand drove the world’s second-largest economy to import 407,294 tonnes of copper during the period, a 12.5% reduction compared to the corresponding period of the previous year. Still, tight supplies pinned copper prices to hover slightly higher year to date, significantly outperforming other base metals. Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes, the lowest this year, and those at the London Metal Exchange were under 60 thousand tonnes, the lowest since 2005. Also, Chile said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022.

Copper Drops to 4-Month Low

Copper futures held near the $3.9 per pound mark, remaining above the four-month low of $3.83 touched on May 3rd as evidence of tight supply weighed against deepening concerns of low demand. Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes, near their lowest year-to-date, and the equivalent of just over three days of consumption according to data by the World Bureau of Metal Statistics. Meanwhile, inventories at the London Metal Exchange were under 60 thousand tonnes, the least since 2005, while Chile's state-owned Codelco said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022. Considering the long-term, market players flagged that copper supply will be unable to keep up with demand should economies transition to carbon-neutral technologies as planned, which also supports current prices. Still, lower-than-expected PMI data and a contraction in imports to China showed that near-term demand is comparatively muted.

Copper Holds Above 4-Month Low

Copper futures rose past $3.9 per pound, rebounding from the four-month low of $3.83 touched on May 3rd as evidence of lower supply outweighed concerns of low demand. Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes, their lowest since early January, and the equivalent of just over three days of consumption according to data by the World Bureau of Metal Statistics. Meanwhile, inventories at the London Metal Exchange were at under 60 thousand tonnes, the least since 2005, and Chile's state-owned Codelco said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022. Still, evidence of low demand kept a ceiling on copper’s rebound. According to major PMI gauges, China’s manufacturing sector unexpectedly contracted in April to magnify concerns over the country's economic slowdown.

Copper Rebounds from 4-Month Low

Copper futures dropped to under $3.85 per pound, close to the four-month low of $3.8 touched on May 3rd amid mounting evidence of poor demand for industrial inputs among the world’s top consumers. According to major PMI gauges, China’s manufacturing sector unexpectedly contracted in April, magnifying concerns over the country's economic slowdown despite its reopening. Consequently, the Yanghsan copper premium has more than halved since mid-March to $23 per tonne, indicating excess availability for physical deliveries. In the meantime, weak growth in the United States and persistent concerns of financial instability dampened the mood for infrastructure investment. Keeping a floor under the prices, data from the London Metal Exchange showed inventories decreased to 56,000 tonnes, the least since 2005, and Chile's state-owned Codelco said the output in 2023 was estimated to sink as much as 7% after the 10.6% decline in 2022.

Copper Trades Near 4-Month Low

Copper futures hovered below $3.9 per pound, close to the four-month low of $3.8 touched on April 25th amid a firmer dollar and mounting evidence of poor demand from top consumer China. According to NBS PMI data, China's manufacturing sector contracted unexpectedly in April, magnifying concerns over the country's economic slowdown despite the reopening. Consequently, the Yanghsan copper premium has more than halved since mid-March to $23 per tonne, indicating oversupply due to muted demand for physical deliveries. In the meantime, weak growth in the United States and expectations of tighter policy by the Fed hurt projections for stateside demand. Keeping a floor under the prices, data from the London Metal Exchange showed inventories decreased to 56,000 tonnes, the least since 2005, and Chile's state-owned Codelco said the output in 2023 was estimated to sink as much as 7% after the 10.6% decline in 2022.

Copper Remains Under Pressure

Copper futures extended their downturn to $3.8 per pound in late April, the lowest in nearly four months, amid a firmer dollar and concerns about weak demand. Investors remained underwhelmed by purchasing activity from Chinese manufacturers after the country's reopening. The Yanghsan copper premium has more than halved since mid-March to $23 per tonne, indicating supplies were ample amid muted demand for physical deliveries. In the meantime, slow growth in the United States and expectations of tighter policy by the Fed hurt projections of stateside demand. Keeping a floor under the prices, data from the London Metal Exchange showed inventories decreased to 56,000 tonnes, the lowest since 2005. Also, Chile's state-owned Codelco said that output in 2023 is estimated to sink as much as 7% after the 10.6% decline in 2022.

Copper Falls to $3.8

Copper futures in the US fell toward the $3.9 per pound mark in late April, the lowest in one month, as projections of weak demand outweighed looming supply concerns. Investors remained underwhelmed by purchasing activity from Chinese manufacturers after the country's reopening. The Yanghsan copper premium has more than halved since mid-March to $23 per tonne, indicating supplies were ample amid muted demand for physical deliveries. In the meantime, the stability of US banks added leeway for the Federal Reserve to hike rates further. Keeping a floor under the prices, data from the London Metal Exchange showed inventories decreased to 56,000 tonnes, the lowest since 2005, and Chile's state-owned Codelco said the output in 2023 was estimated to sink as much as 7% after the 10.6% decline in 2022.

Copper Drops to 1-Month Low

Copper decreased to a 5-week low of 3.9305 USD/Lbs

Copper Hits 5-week Low

Copper futures in the US fell near the $4 per pound mark, retreating from the seven-week high of $4.12 touched on April 13th as the dollar rebounded from its recent lows and investors weighed near-term demand concerns against evidence of tight supply. The stability of US banks added leeway for the Federal Reserve to hike rates further and destroy demand, while lower-than-expected industrial production in China heightened doubts over the economic recovery of the world’s top copper consumer. Still, data from the London Metal Exchange showed inventories fell to 56,000 tonnes, the smallest amount since 2005. To add, Chile’s state-owned Codelco said the output in 2023 is estimated to sink as much as 7% after the 10.6% decline in 2022. Depleting stocks worldwide drove Trafigura to forecast copper prices at a record high this year, while Goldman Sachs projected a global shortage of visible copper inventories by September.

Copper Retreats Toward $4

Copper futures in the US hovered around $4.1 per pound in mid-April, almost the highest level since March amid a weak dollar, hopes of strong demand, and persistent concerns over low supply. Softer-than-anticipated inflation in China raised hopes that Beijing will increase stimulus to support growth and infrastructure activity, adding to bullish data after the credit rise beat expectations in March. In the meantime, data from the London Metal Exchange showed inventories fell to 56,000 tonnes, the smallest amount since 2005. The development tracked stocks at the Shanghai Futures Exchange, which lost over one-third since their peak in February. To add, Chile’s state-owned Codelco said the output in 2023 is estimated to sink as much as 7% after the 10.6% decline in 2022. Depleting stocks worldwide drove Trafigura to forecast copper prices at a record high this year. Meanwhile, Goldman Sachs projected a global shortage of visible copper inventories by September.

Copper Holds Gains Near $4.1

Copper increased to a 6-week high of 4.1545 USD/Lbs

Copper Hits 6-week High

Copper futures in the US rose past $4.1 per pound in mid-April, approaching their highest level since March 1st amid a weak dollar, expectations of elevated demand, and persistent concerns of low supply. Strong credit growth in China underscored Chinese authorities’ goal of stimulating infrastructure construction. In the meantime, data from the London Metal Exchange showed inventories fell to 56,000 tonnes, the smallest amount since 2005. The development tracked stocks at the Shanghai Futures Exchange, which lost over one-third since their peak in February. To add, Chile’s state-owned Codelco said the output in 2023 is estimated to sink as much as 7% after the 10.6% decline in 2022. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices at a record high this year. Meanwhile, supply and demand imbalances led Goldman Sachs to project a global shortage of visible copper inventories by September.

Copper Rises Past $4.1

Copper futures in the US fell under $4 per pound in the second week of April, the least in three weeks, as the dollar bounced off its recent lows and investors assessed expectations of the Fed’s policy for hints on future demand. Jobs data in the US bolstered bets for another rate hike by the Federal Reserve, supporting the greenback and pressuring projections for industrial demand. Still, persistent concerns over tight supply limited losses and kept copper prices 4.5% higher year-to-date. Inventories at the Shanghai Futures Exchange fell by over one-third since their peak in February. At the same time, Chile’s state-owned Codelco said that output in 2023 is estimated to sink as much as 7% after the 10.6% decline in 2022. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices at a record high this year. Meanwhile, supply and demand imbalances led Goldman Sachs to project a global shortage of visible copper inventories by September.

Copper Retreats to 3-Week Low

Copper futures in the US advanced above the $4.03 per pound mark, rebounding from the two-week low of $3.98 touched on April 4th amid persistent concerns of tight supply. Inventories at the Shanghai Futures Exchange fell by over one-third since hitting their peak in February. At the same time, output from top producer Chile sank by 3.7% in February, magnifying low supply from Peru due to political turmoil. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices will rise to a record high this year. Meanwhile, supply and demand imbalances led Goldman Sachs to project a global shortage of visible copper inventories by September. In the meantime, investors continued to assess the outlook of the Chinese economy for hints of future demand, as mixed manufacturing PMI data extended the uncertainty over the impact of the country’s reopening on infrastructure activity.

Copper Rebounds Past $4

Copper futures fell to below the $4 per pound mark in early April, the lowest in two weeks, as signs of moderate demand momentarily outweighed concerns of low supply. Data from the broad-based Caixin Manufacturing PMI showed that Chinese factory activity unexpectedly halted in March, upsetting hopes that the country’s reopening would support continued growth in manufacturing. Still, copper futures remain 5% higher year-to-date due to tight supply. Inventories at the Shanghai Futures Exchange fell by over one-third since hitting their peak in February. At the same time, output from top producer Chile sank by 3.7% in February, magnifying low supply from Peru due to political turmoil. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices will rise to a record high this year. Meanwhile, supply and demand imbalances led Goldman Sachs to project a global shortage of visible copper inventories by September.

Copper Retreats to Below $4

Copper futures held to the $4.05 per pound mark since late March, close to the three-week high of $4.1 touched on March 23rd amid continuous signs of tight supply. Strong usage in China amid its economic reopening led inventories at the Shanghai Futures Exchange to fall by over one-third since hitting their peak in February. At the same time, output from top producer Chile sank by 3.7% in February, magnifying low supply from Peru due to political turmoil. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices at a record high this year. Meanwhile, supply and demand imbalances led Goldman Sachs to project the global shortage of visible copper inventories by September. Demand estimates differed as eased concerns of banking turmoil raised the possibility of tighter policy by the Fed. In China, mixed manufacturing PMI data extended caution on demand expectations from the world’s top consumer.

Copper Holds Steady Near 3-Week High

Copper futures eased to the $4.05 per pound mark from the three-week high of $4.12 touched on March 23rd as persistent woes in the global banking sector continued to weigh on prices for key base metals. Concerns that the Fed would defy market expectations and refrain from cutting interest rates this year also pressured projections for industrial demand. Still, looming threats of low supply kept copper prices nearly 7% higher year-to-date. Mining exports from major producer Peru sank almost 20% annually in January due to the widespread protests, while inventories at the Shanghai Futures Exchange tumbled 36% since their peak in February. Depleting stocks worldwide drove key commodity trader Trafigura to forecast copper prices will reach a record high this year, while supply and demand imbalances led Goldman Sachs to expect the global shortage of visible copper inventories by September.

Copper Eases from 3-Week High

Copper futures extended hovered near $4.1 per pound in late March, the highest in three weeks, as expectations of strong demand and concerns of lower supply offset the sharp rebound for the greenback. Fresh data showed that copper demand in China rose by 13 percent year-on-year in February, supported by the increase in infrastructure construction and new energy investments amid the country’s economic reopening. In the meantime, mining exports from major producer Peru sank nearly 20% annually in January due to the widespread protests, while inventories at the Shanghai Futures Exchange remained at lower levels. Depleting stocks in Shanghai and robust demand drove key commodity trader Trafigura to forecast that copper prices could rise to a record-high this year, while supply and demand imbalances led Goldman Sachs to expect the world may run out of visible copper inventories by September.

Copper Hovers Near 3-Week High

Copper futures were at $3.95 per pound, rebounding from the two-month low of $3.9 touched on March 16th amid the dollar’s retreat, evidence of tight supply, and hopes of strong demand while investors continued to assess risks that instability in the global financial sector may pose to the real economy. Mining exports from major producer Peru sank nearly 20% annually in January due to the widespread protests that halted the activity, while inventories at the Shanghai Futures Exchange continued to drop. In the meantime, expectations of demand in top consumer China were supported by the People’s Bank of China’s surprise cut in the reserve requirement ratio, the country's latest measure to spur higher economic activity and rebound from Covid lockdowns.

Copper Rebounds from 2-Month Low

Copper decreased to a 9-week low of 3.8715 USD/Lbs

Copper Hits 9-week Low

Copper futures fell to the $3.9 per pound mark in mid-March, the lowest since early January, as the dollar rebounded from recent lows and fears of banking instability dented expectations of higher demand from key consumers. Meanwhile, soaring shelter costs drove US core inflation to overshoot expectations and solidified bets of a rate hike from the Federal Reserve next week. Also, industrial production in China missed projections for the first two months of the year, undermining the impact of the country’s reopening on economic activity. Still, tight supplies limited the pullback in copper prices. Mining exports from major producer Peru sank nearly 20% annually in January due to the widespread protests that halted the activity. Also, inventories at the Shanghai Futures Exchange dropped for the second week to their lowest since January.

Copper Sinks to 2-Month Low

Copper futures hovered above the $4 per pound mark, above the near-two-month low of $3.95 touched on February 27th as investors continued to bet on strong demand from China, while the US bank rout pressured the dollar. The Chinese government announced more stimulus measures will be mandated this year to support infrastructure and construction at its National People’s Congress, adding to the hopes of eocnomic recovery after PMI data revealed China’s manufacturing expanded at its fastest pace in multiple years in February. Meanwhile, persistent supply concerns also kept the floor under prices. Higher use in China drove inventories at the Shanghai Futures Exchange to drop for the second week to its lowest since January. Meanwhile, political unrest in South America also pressured output expectations in Peru.

Copper Edges Higher

Copper futures eased to $4 per pound, approaching the near-two-month low of $3.95 touched on February 27th as concerns of a slowing economy and some respite to tight supply offset expectations of higher demand from China. Jitters in the US banking sector spurred worries that the Fed is on an overtightening course and raised concerns of lower economic activity in the coming months. On the supply side, improved situations in key mines in Peru and Indonesia eased worries of a wider supply deficit, while Canada’s First Quantum Minerals settled a deal with the Panamanian government on profit sharing and is expected to resume activity. Limiting the decline, the Chinese government set a growth target of 5% for this year during its National People’s Congress session and confirmed incoming stimulus for infrastructure and construction.

Copper Eases Further

Copper futures eased to $4.05 per pound, above the near-two-month low of $3.95 touched on February 27th but remaining well below the seven-month high of $4.25 from January as investors weighed the impact of incoming monetary tightening and uncertain demand from China against supply worries. Hot economic data in the US and Europe magnified concerns that central banks would have to continue raising rates longer to destroy demand. On the other hand, the Chinese government set a growth target of 5% for this year during its National People’s Congress session, a more modest rate than analysts expected, but confirmed incoming stimulus for infrastructure and construction. Meanwhile, persistent supply concerns also kept the floor under prices. Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently put on break due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Eases from $4.1

Copper futures hovered at $4.1 per pound, rebounding from the near-two-month low of $3.95 touched on February 27th but remaining well below the seven-month high of $4.25 from January as investors assessed the impact of incoming monetary tightening against signs of stronger demand from China. Hot economic data in the US and Europe magnified worries that central banks would have to continue raising rates longer to destroy demand. On the other hand, the Chinese government is expected to announce more stimulus at its National People’s Congress, supporting the country’s recovery further after PMI data revealed China’s manufacturing expanded at its fastest pace in multiple years in February. Meanwhile, persistent supply concerns also kept the floor under prices. Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently put on break due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Hovers at $4.1

Copper futures jumped above $4.15 per pound, rebounding sharply from the near-two-month low of $3.95 touched on February 27th as strong economic data for China pointed to a sharp recovery in the country’s industrial sector. The latest PMI reading revealed that China’s manufacturing expanded at its fastest pace in multiple years in February, opening the way for higher output in the coming months and suggesting the economic reopening had a profound impact on activity. Persistently tight supply also supported copper prices, as production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe, adding to views that copper markets could be heading into a deficit. Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently put on break due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Rebounds Sharply

Copper futures hovered around $4 per pound, remaining relatively close to the near-two-month low of $3.95 per pound touched on February 27th amid concerns of slower demand growth. The key metal is set to drop 5% in February, marking its first monthly decline since October 2022, pressured by the dollar’s rally during the period and concerns that the rebound for Chinese manufacturing could not be as fast as previously thought. At the same time, major central banks extended warnings of tighter monetary policy in the coming months, further hampering demand forecasts. Still, production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe, adding to views that copper markets could be heading into a deficit. Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently halted due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Books Sharp Decline in February

Copper futures fell sharply below $4 per pound in late February, the lowest since early January, as concerns about weaker demand clashed against tight supply. Major central banks extended warnings of tighter monetary policy as recent inflation gauges eased less than expected, while hopes for a strong demand rebound in China’s economy after its reopening lost traction. Still, worries over weak supply helped copper prices remain 5% higher year-to-date. Production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe, adding to views that copper markets could be heading into a deficit. Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently halted due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Falls Below $4

Copper futures fell sharply below $4.05 per pound in late February, hovering at levels last seen at the start of January as concerns about possible demand erasure from central banks clashed against supply restrictions. Besides tighter monetary policy, investors feared the rebound in Chinese industrial demand following new year celebrations was not as strong as expected. Still, worries over weak supply helped copper prices remain 6% higher year-to-date. Production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe, adding to views that copper markets could be heading into a deficit. Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently halted due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Approaches 7-Week Low

Copper futures fell to the $4.16 per pound level from the four-week high of $4.23 touched on February 21st as central banks signaled prolonged periods of restrictive policy ahead, hampering demand expectations for industrial inputs and base metals. Still, worries of low supply and expectations of stronger demand from China amid its economic reopening support copper prices to remain nearly 10% higher year-to-date. Production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe, adding to worries that copper markets could be heading into a severe deficit. Besides mining deferments in Peru due to geopolitical unrest, ore processing operations in Panama were recently halted due to government tax and royalty payments issues from Canada’s First Quantum Minerals.

Copper Retreats from 3-Week High

Copper futures rose above $4.15 per pound, approaching the seven-month high of $4.27 touched on January 26th and tracking the increase in other base metals amid persistent supply concerns and strong demand expectations. Investors continued to monitor the extent of improved Chinese purchasing after the country’s economic reopening, as new home sales grew for a third straight week in 16 major cities. Industrial demand is also expected to pick up as the government is set to announce further stimulus measures at its National People’s Congress in March. On the supply side, a series of production and export disruptions by major South and Central American producers compounded concerns about low inventories in the US and Europe, adding to worries that copper markets could be heading into a severe deficit.

Copper Extends Positive Momentum

Copper, considered an economic barometer, has been trading in a narrow range around $4.1/Lbs, down more than 5% from its seven-month peak of $4.3 touched in late January as persistent fears of a demand-sapping global recession offset bullish bets for China's reopening. Advanced economies, led by the Federal Reserve, have raised interest rates at an unprecedented pace contributing significantly to tightening financial conditions and sparking concerns about a sharp economic slowdown. On the supply side, MMG, a Chinese mining company, said its Las Bambas copper mine in Peru secured necessary supplies, which allowed it to continue production at a reduced rate after road blockades prevented raw materials' arrivals. However, looking at the bigger picture, speculation grew that copper markets could be heading into a severe deficit amid increasingly challenging supply streams in South America.

Copper Struggles to Regain Traction

Copper futures bounced back above $4.1 per pound from a 4-week low of $4 on February 6th, helped by a subdued dollar while investors weigh supply disruptions against demand concerns. Despite subdued imports, the latest data pointed to a bigger-than-usual inventory build-up in China over the Lunar New Year holiday. Copper inventories in SHFE warehouses jumped by 61.8% since January 20 to 226,509 tonnes on February 3. On the supply side, the Las Bambas mine in Peru officially halted production on February 1. The copper mine accounts for 2% of the metal worldwide and has been operating at a reduced rate since December 7, after Congress removed and arrested President Castillo. Meanwhile, the dollar trended lower after Fed Chair Powell reconfirmed the beginning of disinflationary processes but warned further rate hikes might still be needed.

Copper Rebounds from 4-Week Low

Copper futures extended losses toward $4 per pound, the lowest in four weeks, as demand concerns and a firmer dollar more than offset supply disruptions. The latest data pointed to a bigger-than-usual inventory build-up in China over the Lunar New Year holiday despite subdued imports, raising concerns about demand. Copper inventories in SHFE warehouses jumped by 61.8% since January 20 to 226,509 tonnes on February 3. On top of that, the dollar index rose to a near four-week high on expectations the Federal Reserve could stay hawkish with its monetary policy for longer. On the supply side, the Las Bambas mine in Peru officially halted production on February 1. The copper mine accounts for 2% of the metal worldwide and has been operating at a reduced rate since December 7, after Congress removed and arrested President Castillo. In corporate headlines, Europe's largest copper producer Aurubis reported a nearly 24% loss in quarterly earnings because of high energy prices and inflation but

Copper Extends Losses to 4-Week Low

Copper futures fell to below $4.1 per pound, the lowest in over three weeks, as demand concerns and a firmer dollar more than offset supply disruptions. The latest data pointed to a bigger-than-usual inventory build-up in China over the Lunar New Year holiday despite subdued imports, raising concerns about demand. Copper inventories in SHFE warehouses jumped by 61.8% since January 20 to 226,509 tonnes on February 3. On the supply side, the Las Bambas mine in Peru officially halted production on February 1st. The copper mine accounts for 2% of the metal worldwide and had been operating at a reduced rate since December 7, after Congress removed and arrested President Castillo.

Copper Falls to Over 3-Week Low

Copper futures edged up to near $4.2 per pound, moving closer to a seven-month high of $4.27 touched on January 26th, boosted by supply disruptions at the MMG Las Bambas copper mine in Peru. Las Bambas had been operating at a reduced rate since December 7, when Congress removed President Castillo and arrested him, and on Wednesday MMG confirmed that it would start a period of care and maintenance. The copper mine accounts for 2% of the metal worldwide and protests are threatening to hamper access to almost $4 billion worth of copper at a time when China’s emergence from Covid lockdowns promises to boost demand. Increased economic activity during China's New Year celebrations added to hopes of a demand rebound as the country abandons its zero-Covid policy. The metal was also benefiting from a weaker dollar after the US Federal Reserve delivered a small 25 bps rate hike on Wednesday and investors are confident that the tightening cycle will soon end.

Copper Climbs as Las Bambas Halt Production

Copper futures were at the $4.2 per pound mark, easing from the seven-month high of $4.27 touched on January 26th as investors assessed demand projections from China following its week-long holiday. Still, the metal is set to close the month 10% higher, with increased economic activity during China's New Year celebrations adding to hopes of a demand rebound as the country abandons its zero-Covid policy. Industry players warned that worldwide production would be unable to keep up with the demand as nations shift to copper-heavy renewable energy sources. Adding to woes, Peru, the world's 2nd largest producer, is consumed by the worst wave of civil unrest in 20 years. Consequently, the huge Antapaccay mine is operating at a "restricted" capacity. Meanwhile, top producer Chile forecasted its output to contract by nearly 6% in 2023. Inventories at the LME and SHFE warehouses also fell to under 186.4 thousand tonnes, enough to support global consumption for just over two days.

Copper Eases from 7-Month High

Copper futures rose past the $4.2 per pound mark in the third week of January, the highest in seven months, underpinned by evidence of low supply and expectations of increasing demand. Stronger-than-anticipated growth in China during the fourth quarter added to projections of higher industrial demand as the world’s second-largest economy transitioned away from its strict zero-Covid policies. On the supply side, industry players warn that worldwide production cannot keep up with the demand as modern economies shift to copper-heavy renewable energy sources. Disruptions to mining activity in Peru heightened shortage worries, while top producer Chile forecasted its output to contract by nearly 6% in 2023. Also, inventories at the LME and SHFE warehouses fell to under 186.4 thousand tonnes, enough to support global consumption for just over two days. Consequently, mining giant Glencore estimated a cumulative supply shortfall of 50 million tonnes until 2030.

Copper Rises to 7-Month High

Copper is up by 5%

Copper is down by 6.25%

Copper futures eased slightly to $4.1 per pound after touching a seven-month high of $4.2 on January 13th as concerns surrounding lower global growth halted the rally triggered by China’s economic reopening. Still, copper prices have remained more than 9% higher since the start of the year after major industry players warned that worldwide production would be unable to keep up with higher demand as modern economies transition to copper-dependent renewable energy sources. Disruptions to mining activity in Peru heightened shortage worries, while top producer Chile forecasted its output to contract by nearly 6% in 2023. Inventories at the LME and SHFE warehouses fell to under 186.4 thousand tonnes, enough to support global consumption for just over two days. Consequently, mining giant Glencore estimated a cumulative supply shortfall of 50 million tonnes until 2030.

Copper futures approached the $4.1 per pound mark in January, the highest since mid-June with continued support from expectations of stronger demand and looming supply concerns. Top producer Chile forecasted its output to contract by nearly 6% in 2023. Major industry players warned that worldwide production will be unable to keep up with soaring demand as modern economies transition to copper-dependent renewable energy sources. Consequently, mining giant Glencore estimated a cumulative supply shortfall of 50 million tonnes until 2030, and Trafigura warned that current global inventories can supply world consumption for less than 5 days. In the meantime, Chinese authorities reopened mainland borders with Hong Kong and relaxed quarantine for incoming travelers, further moving away from its strict zero Covid policy and raising expectations of higher economic activity and increased in demand for industrial inputs.

Copper

COPPER

Technical Analysis

Related Ideas

Gary Hsieh

Copper contrarian buying opportunity?

KUNAL KAMBLE

Rissing Parallel Channel

People Also Watch

Latest Ideas

Vasl Capital

Stacks on AUDUSD

Vasl Capital

Another stack on EURUSD

Vasl Capital

EURJPY shorts from 150

Vasl Capital

GBPUSD longs from double bottom

Vasl Capital

No end to the GBPJPY bullish sign

Vasl Capital

Shorts on GBPJPY after breaking the support