MCX Copper Prices will Cross 1,000++ Very Soon: China credit data coupled with some positives from the property sector have pushed the red metal out of its recent boring range.
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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.