COPPER chart - Trading View
Copper bulls stay unstoppable, drive copper prices to record highs above $4.70.
The pair was trading 2.31% higher on the day at 4.7125 at around 10:15 GMT after closing 2.06% higher in the previous session.
Copper bulls ignore the reports that Chinese copper imports have fallen nearly 13% in April and remained supported by a broadly weaker US dollar.
Momentum is bullish. Stochs and RSI are biased higher. That said, overbought conditions warrant some caution.
Pullbacks cannot be ruled out, but retrace is likely to be shallow as major trend remains strongly bullish.
Copper prices are up almost 34% so far this year. Scope for test of $5 mark. 5-DMA is immediate support at 4.580. Major weakness only below daily cloud.
