COPPER chart - Trading View
Copper bulls unstoppable. copper prices rally to fresh record highs.
Copper was trading 1.16% higher on the day at 4.544 at around 11:50 GMT.
Momentum is strongly bullish. Oscillators are at overbought levels, but no signs of reversal seen.
Dovish outlook from the Fed and Biden's bold spending plans stoke reflation fears and keep the US dollar depressed.
Weak US dollar is underpinning metal prices. Strong demand forecast is likely to keep prices supported.
Technical indicators also suooprt further upside in the pair. The pair has bounced off 5-DMA support with a hammer formation.
Overbought oscillators warrant caution. That said, pullbacks are likely to be shallow.
