COPPER chart - Trading View
Copper prices spiked over 2.60% on the day, outlook strongly bullish.
After a brief pause on Friday's trade, copper prices have resumed upside and are set to refresh yearly high above 4.364.
Successful vaccine rollouts and easing of lockdowns in more countries is boosting hopes of a steady global economic recovery.
Copper is also set to benefit from the expected U.S. infrastructure bill as the prospects for a strong economic recovery is set to boost demand for metals.
Technical bias for the pair is also supportive of further gains. Pullback has bounced off cloud support.
Momentum has once again turned bullish. RSI has edged above the 60 mark, in support of the current uptrend.
Scope for copper to refresh 2021 highs above 4.364 mark. 5-DMA is immediate support at 4.159. Bullish invalidation only below daily cloud.
