Copper Price Consolidates Above $5 in Demand for Commodities
Commodities remain in demand, as Copper soared to a new high above $5 last week, while today it is consolidating the gains above this major level. Nickel also showed great demand last week, as it surged nearly 10%, concluding a week of significant movements in industrial and precious metals markets as investors remain bullish.
Global benchmark copper contracts (HG) on the London Metal Exchange (LME) rose almost 3% on Friday, bringing them close to the all-time high reached in March 2022. This surge underscores strong investor confidence and the persistent demand for industrial metals, driven by factors such as supply concerns and positive economic trends. The notable gains in copper and nickel reflect the overall bullish sentiment in the commodities market.
Today the liquidity has been low due to bank holiday and stock markets as well as Copper are maintaining stability as investors aim to build on last week’s positive performance. Despite the minor pullback in the metals earlier, the uptrend has resumed again and Copper is us above $5.10, while Gold and Silver are up by 1.5% for the day, reflecting strong investor interest in safe-haven assets.
Copper Chart Daily – $5 Has Turned Into Support Now
After the dip to $5, copper prices bounced which shows that the zone around this major level has turned into a support area now. Other commodities are also on the rise, with Copper futures attempting to sustain a firm breach above the round level of $5 per pound. Copper briefly reached a new high of $5.16 before settling around $5.05, indicating robust demand and positive sentiment toward industrial metals.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals