Copper (HG1) Up 0.28%, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Copper Daily Price Recap

Copper closed the day prior up 0.28% ($0.0065); this denotes the 2nd day in a row an increase has occurred. Relative to other instruments in the metals asset class, Copper ranked 4th since the day prior in terms of percentage price change. Here is a daily price chart of Copper.

Copper Technical Analysis

Volatility for Copper has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 10 days Copper’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

Behold! Here are the top tweets related to Copper:

  • From alara_resources:

    1/4: Investors are starting to reposition themselves for a copper price rebound. A top ranked UBS analyst, Andreas Bokkenheuser predicts one quarter of copper price weakness will be “followed by six quarters of strength.”

  • From 1abid1khan1:

    @Agupta90 I thought about it and then the news started flowimg about increase in aluminium and copper price. Waiting and watching for now… lets see if the indication is reliable or no..

  • From newstradr:

    @mattheusz98 @Museum_archive Copper Price Per 1 Kilogram 5.52 USDSo worth $55,200.

For a longer news piece related to HG1 that’s been generating discussion, check out:

The short-term copper price is wavering, but the long-term outlook is more bullish than ever

But that in turn prompts the much broader question, which is being asked the world over, and not just about Chinese copper consumption or PMI data – how much can you trust the Chinese data?…But with mines shut down and investment being withheld, the likelihood of the industry being able to boost capacity to meet that demand becomes open to question….“If the chartists are right about the demand, I don’t know where the supply is coming from,” says Colin Bird….“By 2021 and 2022 there’s going to be an insatiable demand for copper.