Firstly the CPER Copper Index Tracking instrument has an inception date of 11/15/2011. There is data in the HG_F copper futures before this going back many years. That shows copper made an all time high on February 15th, 2011 at 4.649. Translated into this instrument, it is mentioned on the monthly chart. The decline from there into the January 2016 lows appeared to have been a double three in the commodity HG_F. Thus I will work with that idea in this CPER instrument.
The global refined copper market is expected to be in a significant surplus in 2022, following a small supply deficit in 2021.
This year is done and it has been very volatile, especially for copper prices and they were at an all-time high this year. Today is a good day because there has been a decline in the US dollar, but the prices are off 12 percent from their highs this year.
Industrial Metals Copper Prices: Prices of copper and other industrial metals fell on Friday over fears that a new and possibly vaccine-resistant coronavirus variant could derail global economic growth and sap demand.
Base Metals: Copper prices have dropped 0.35% this week however they will now be at 4 pyo per pound. Gold and silver had also risen from covid-lows to $9,700 metric tonne in New York. The bellwether has been fuelled by a widely-held belief that demand for it should be heavily supported by the economic post-pandemic boom but also by the worldwide push to decarbonise.
Free MCX Copper Tips: Copper yesterday settled down by 1.98% at 718.65 as expectations of U.S. interestrate rises lifted the dollar to 16-month highs.
