Copper – Price marks new highs since 2012

New upward impulse for copper which today registers a price excursion (between highs and lows) of 310$/ton (+3.50%). On a technical level, the upward break of the wide congestion between $4320 and $7385 (Dec 2012 to Dec 2020) projects a second long-term price target in the $10130/ton area (100% FE – January 2011 highs). Today the first target was touched at $9270 (FE 61.8).

Positive data from China continue on year-on-year imports of Copper and articles thereof, up since June.