- Analytics
- Technical Analysis
COPPER Technical Analysis - COPPER Trading: 2022-07-26
Copper Technical Analysis Summary
Above 3,43
Buy Stop
Below 3,1
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Copper Chart Analysis
Copper Technical Analysis
On the daily timeframe, COPPER: D1 has broken through the downtrend resistance line upwards. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if COPPER: D1 rises above the last high of 3.43. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, Nov 2020 low and latest down fractal: 3.1. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (3.1) without activating the order (3.43), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Copper
Several major mining companies do not rule out a reduction in copper production. Will the COPPER quotes continue to rise?
Freeport-McMoRan reported a decrease in revenue in the 2nd quarter of this year by more than 5% y/y. Because of this, the development of some new copper mines may be suspended. Freeport-McMoRan is the world's 2nd largest copper producer after Codelco. Recall that copper fell in price in the 2nd quarter of 2022 by 20.4%. This is the highest since 2011. Earlier, Antofagasta Plc cut its copper production forecast due to the accident. An additional positive for copper quotes may be the plans of the PRC authorities to stimulate the Chinese construction industry. This can increase demand. China is the main consumer of this metal with a share of about 50% in the world. The United States and the European Union consume approximately 25%. Chinese mining company MMG Ltd reported a 60% reduction in copper production at its Las Bambas mine in Peru in the 2nd quarter due to protests and strikes by miners.
Explore our
Trading Conditions
- Spreads from 0.0 pip
- 30,000+ Trading Instruments
- Instant Execution
Ready to Trade?
Open Account Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
