Finally joining silver and platinum, copper has broken out above key $5.00 level. With prices making higher highs and higher lows ever since bottoming in April, dip-buyers will be keen to step in on any short-term weakness we may see moving forward. For as long as support now holds at $5.00, the bulls will be happy. The line in the sand is now at $4.79, marking the recent low.
The macro backdrop remains bullish, with global copper demand seen rising significantly in the coming years. This is primarily due to the global energy transition and technological advancements. Copper is used in electric vehicles, solar panels, wind turbines, as well as the more traditional uses like construction and electronics. With the AI revolution, another source of demand for copper consumption will be from data centers.
By Fawad Razaqzada, market analyst with FOREX.com
The macro backdrop remains bullish, with global copper demand seen rising significantly in the coming years. This is primarily due to the global energy transition and technological advancements. Copper is used in electric vehicles, solar panels, wind turbines, as well as the more traditional uses like construction and electronics. With the AI revolution, another source of demand for copper consumption will be from data centers.
By Fawad Razaqzada, market analyst with FOREX.com
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