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Copper Price: Rally Consolidates Back Into Supportive Trend

Copper Price: Rally Consolidates Back Into Supportive Trend

2020-07-07 09:19:00
Nick Cawley, Strategist
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Copper Price Analysis and Chart

  • Copper hit a near six-month high on Monday.
  • Bullish moving average crossover nears.
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Copper Consolidates Recent Gains

A bullish 50-dma/200-dma crossover is about to be formed on the daily copper chart suggesting that further gains are likely in the short- to medium-term. A continued spread of COVID-19 in Chile is starting to crimp supply of the metal while demand for copper is on the increase as economies around the globe begin to pick-up. Chile is the largest producer of copper in the world accounting for approximately 28% of global production. This supply/demand imbalance looks likely to continue going forward, underpinning the price of copper.

Global Commodities

The daily copper chart highlights the strength of the recent rally with a steep uptrend beginning off the March 19 low. So far any consolidation back to this trend has been met with renewed buying with higher lows and higher highs in place. A 50-dma/200-dma ‘golden cross’ is being formed today, a positive technical signal, while the 20-dma/200-dma cross on June 19 added extra impetus to the rally. Any further consolidation should find support around the 2.685 to 2.700 zone, while a break back above 2.793 would leave a complete retracement of the early 2020 sell-off from 2.888 the likely next target. While the uptrend remains in place, copper should continue to stair-step higher, although a break and open below trend would negate the positive sentiment.

Copper Daily Price Chart (November 2019 – July 7, 2020)

Copper Price: Rally Consolidates Back Into Supportive Trend
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What is your view on Copper – are you bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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