The price of copper pulls back from new historic highsđź”˝
On Monday, the price of copper again reached new historic highs. Today one had to pay more than $ 10,700 for a ton of this metal! It is worth noting that over the past year, copper has increased by over 100%, in March last year the price was below $ 5,000. The recent increases can be explained, among other things, by supply concerns. The economy has only just begun to take off after a long period of coronavirus-related restrictions. In addition, copper is used in technologies based on green energy, which has been gaining popularity recently.
Let's look at the technical situation. Looking at the daily interval, copper is in a strong uptrend. Today's session started with a bullish price gap and copper climbed to new record highs. Nevertheless, buyers were unable to uphold the momentum and strong pullback occured. If the downward correction were to deepen, the $ 10160 -9870 zone should act as a key support. The area marked in purple results from 2011 highs and the lower limit of the local 1: 1 structure.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Copper interval D1. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr SÄ…dowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
