Copper Daily Price Recap
Copper entered today at $3.076, up 4.36% ($0.13) from the day prior. On a relative basis, today was pretty good: Copper bested all 5 of the assets in the metals class 🙂 Below is a daily price chart of Copper.
Copper Technical Analysis
Moving average crossovers are always interesting, so let’s start there: Copper crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that Copper’s price has gone up 6 of the previous 14 trading days. Also, candlestick traders! Note we see morning star pattern appearing here as well.
Overheard on Twitter
Over on Twitter, here were the top tweets about Copper:
- From DTradingAcademy:
Copper price highest in over 2 years Friday at $6,850 a tonne, its highest since June 2018, as speculators extended their buying spree on an economic recovery in top metals consumer China & helped by weakening U.S. dollar. Copper has surged by 55%, since 45-month lows in March.
- From burngold:
@PeterNBell @RidgelineNV Just clarifying what I mean. Stressing on IPO on the gold/tin/ copper price today/this week/next week is daft. When might that mine open? 2/5/10 years down the line? Those are the prices that need to chased?
- From DirtyJohn85:
#CAML – my long-term hold from today.✅ Copper price soaring, expecting great H2 results
✅ Hoping Dividend restated Target – £2.50+
For a longer news piece related to HG1 that’s been generating discussion, check out:
LME copper prices increased throughout August, trading over $6,500/mt the last few weeks of the month….SHFE stocks continued to increase throughout the month, rising to 170,086 tons this month….The Copper MMI value increased 5.1% over last month….China’s copper prices increased by 4.7% to $7,629/mt.