Copper (HG1) Down 1.32%, Crosses 50 Day Moving Average; in a Downtrend Over Past 90 Days
For another vantage point, consider that copper’s price has gone up 16 of the previous 30 trading days.
(Last Updated January 18, 2021)
Welcome to the news page for Copper (HG1). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
If we observe the 90 and 30 day timeframes, we see an uptrend in place for HG1.
Across several time periods between 20 and 200 days, the trend on HG1 has remained consistently bullish.
The chart below illustrates.
Currently, HG1’s price is down $-0.09 (-2.39%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. As for the trend on the weekly timeframe, we see the clearest trend on the 10 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows HG1’s price action over the past year.
For another vantage point, consider that copper’s price has gone up 16 of the previous 30 trading days.
Not unreasonable for a 30%+ irr project and the free carry to production.
Out of the 5 instruments in the metals asset class, copper ended up ranking 3rd for the day in terms of price change relative to the previous day.
Copper outperformed all 5 assets in the metals asset class since the previous day.
If the chartists are right about the demand, i don’t know where the supply is coming from,” says colin bird….“
Copper outperformed all 5 assets in the metals asset class since the previous day.
Traders will also want to note, though, that a counter trend — meaning a trend going up — can be seen on the 14 day timeframe.
Those trading within the metals asset class should know that copper was the worst performer in the class today.
For additional context, note that price has gone down 16 out of the past 30 days.
Relative to other instruments in the metals asset class, copper ranked 2nd since the previous day in terms of percentage price change.