Just three weeks ago, copper prices were in the midst of an extended losing streak, spurred on by a jump in global bond yields. With investors shifting asset allocations amidst higher sovereign rates, growth-sensitive assets – base metals, energy, tech stocks – took a back seat.
MCX Copper Target For Today: MCX Copper price yesterday settled by 0.83% at 706.35 as strong Chinese inflation data raised fears that the world’s biggest metals consumer will tighten monetary policy, though expected supply tightness kept prices on course for a weekly gain.
Will copper prices go up in 2021? Copper Prices has witnessed phenomenal price appreciation since March 2020 when the pandemic surged, resulting in worldwide lockdowns. The metal has been supported by unprecedented monetary policy, ultra-low interest rates and more importantly, low or negative real yields.
MCX Copper Tips Today: Copper yesterday settled down by 1.78% at 665.6 as pressure seen as the global world refined copper market showed a 24,000 tonnes surplus in December, compared with a 93,000 tonnes deficit in November, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
Copper Technical Analysis May Point to Short-Term Correction : Copper has been the stand out commodity (metals) in terms of price action these past few weeks with multi-year highs being breached.
Traders are taking bets [buying calls] on the London Metal Exchange (LME) that copper prices will hit $12,000 per tonne by December.