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HomeTravelGray Outlook For Red Metal Copper As It Emerges From China’s COVID Shadow

Gray Outlook For Red Metal Copper As It Emerges From China’s COVID Shadow

China, the world’s biggest buyer of metals, is emerging from its longest coronavirus lockdowns in two years, sending positive vibes across industries, particularly those involving construction and infrastructure.

But strangely, prices of , the top base metal greatly influenced by China, are falling again instead of rising. Volatility isn’t anything new to the red metal.

But if fresh COVID outbreaks, after Beijing and Shanghai, bring renewed bearish pressure upon copper, will the metal’s charts be suggesting a deeper downside too?

From a record high of $5.03 for a pound of copper traded on New York’s COMEX on Mar. 7, the metal fell to a low of $4.04 by May 12. In just over two months, it lost almost 20% as the Shanghai lockdowns dragged on.

In Tuesday’s Asian session, COMEX copper was at $4.39, down 1.7% week-to-date after a cumulative rebound of 7% over three previous weeks.

All charts courtesy of skcharting.com

It was not just copper…

Read more…

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