Copper fell to its lowest price in 19 months, with metals extending losses as global recession fears continue to damp the demand outlook for commodities.
Commodity: A surge in energy and metal prices is offering investors a fresh reminder of how the commodities market can fuel inflation and imperil the post-pandemic economic recovery.
Copper Demand: In the late-August copper price forecast update it was noted that “the shifting narrative around the supply-demand picture has created an opportunity whereby copper traders may be able to retake the pandemic uptrend, which would keep intact the prospect of a multi-month bull flag forming – and if viable, another jaunt to all-time highs.”
Trading Strategies: Natural Gas slid on Tuesday but prices are still expected to remain elevated. We continue to see a general lack of heat in the pattern compared to what was expected previously, with the 15-day period, along with July as a whole, looking to come in cooler than the five- and 10-year normal.
Gold Silver Reports: Commodities witnessed an interesting end to a decade in 2020, which was for the most part unfriendly for the resources sector. Traders were caught off-guard by the unprecedented coronavirus crisis last year. Likewise, a strong recovery across the commodities board came as a surprise, bringing them in vogue and kick-starting a super cycle.
What You Think Next MCX Copper price Target 900?; Copper cleanly broke above its prior high last Friday, closing at $10,417/mt to comfortably beat the prior intraday high of $10,170/mt set ten years ago.
Copper soared this week to an all-time high, continuing a sizzling rally that’s seen prices double in the past year.