Copper (CM:HG) prices finished slightly higher in today’s trading, settling at $4.0035. This was driven by the proposed output reductions from leading Chinese smelters and signs of economic stability in China. These smelters suggested cutting production by 5% to 10% due to a shortage of other raw materials. However, gains were limited due to the already high inventory levels of copper.
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Nevertheless, an increase in profits for China’s industrial firms and a stronger-than-expected yuan set by China’s central bank suggests enhanced purchasing power for the country’s metal buyers, which could potentially influence copper prices going forward.
Copper Technical Analysis
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook for copper. Indeed, the summary section pictured below shows that 12 indicators are Bullish, compared to one Bearish and five Neutral indicators.
