Copper: possible rebound in prices for July

From mid-May 2021 until June 21, 2021 copper prices corrected the bullish movement started in March 2020 (+144% new highs since 2009 in 10740 S/ton area).

From June 21, 2021 prices started to settle, favoring a first recovery towards 9500 $/ton (currently prices are close to the 100-day moving average – excellent support base).

On a seasonal basis, copper shows a minimum in July just in this period, subsequently developing an excellent reaction for the remaining month.

First confirmations to be looked for over 9700 $/ton, whose perforation to the upside would open the way to a direct movement towards the first target (9900 $/ton) and to the next one (10100 $/ton). Those who need to set for purchases for the current month, could already do so at these levels.

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