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Copper

Elliott Wave View: Copper (HG) Looks to Extend HigherShort Term view in Copper suggests the rally from September 21 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from September 21 low, wave ((i)) ended at 4.3175 and pullback in wave ((ii)) ended at 4.0545. The metal then extends higher in wave ((iii)) as another 5 waves in lesser degree. Up from wave ((ii)), wave (i) ended at 4.3955 and pullback in wave (ii) ended at 4.3050. The metal extends higher in wave (iii) towards 4.781, wave (iv) ended at 4.7025, and wave (v) of ((iii)) ended at 4.823. Pullback in wave ((iv)) is proposed complete at 4.537 as a double three structure. However, the metal still needs to break above wave ((iii)) at 4.823 to rule out a double correction. Down from wave ((iii)), wave (w) ended at 4.5935, wave (x) ended at 4.7575, and wave (y) ended at 4.5370. This completed wave ((iv)) in higher degree. Up from there, the metal should end wave (i) of ((v)) soon with 1 more push higher. It should then pullback in wave (ii) before the rally resumes. Near term, while pullback stays above 4.537, and more importantly above 4.309, expect the metal to extend higher within wave ((v)).
COMEX:HG1!
by Elliottwave-Forecast
Metals Continue to Outperform MarketsThe energy crisis continues to provide a strong support, not only for crude prices, but also for industrial metals. Last week aluminium added 9.2% and copper prices gained 9.17%. The absolute leader was zinc that jumped 20.49% in price. The price of aluminium, which is one of the most energy-intensive commodities, is at a record high. On Monday morning its price peaked at $3288.75 per metric ton, that is 17.56% above 2008 record highs. I suggest the upside movement will continue and we may soon have prices close to $3500 per ton.Copper has exceeded $10,300 per ton while spot contracts are traded with highest premium over futures. Copper stocks on the London Metal Exchange fell to the lows of 1974 this October. Goldman Sachs analysts suggest that copper stocks may run short by the second quarter of 2022. Copper prices this May rose above $10,746 per ton. The excitement in the commodities market may push prices towards new records. The technical picture highlights the possibility of copper prices soaring to $11,800-12,000 if it passes the May high. The price chart of Zinc, the third most popular non-ferrous metal in the world, points to another spin of the rally as its prices rose to $3830 per ton. Belgium Nyrstar N.V., a leading manufacturer of zinc, has reduced its zinc output by up to half at its plants in Budel, the Netherlands, Balen in Belgium and Auby in France since October 13 due to a significant rise in electricity prices. Some Chinese steelworks forcedly cut production of zinc due to a shortage of electric energy that was caused by record coal prices. No wonder zinc prices will rose to $4300-4500 per ton. Although the international Lead and Zinc Study Group (ILZSG) said that zinc will see a surplus of 217,000 tonnes in 2022. The energy crisis did not only impact Europe, but China reversed its activity in production and joined green economy acolytes. The Chinese industrial sector is still suffering from energy shortage caused by a lack of coal and environmental requirements to steelworks. All this mean that we could hardly expect any change to the existing upward trend in the near future.
COMEX:ALI1!Long
by scavoanastasiia
COPPER (XCU/USD) – Week 42 – New top on the cards.In our last week’s analysis, we correctly anticipated the pair to continue the uptrend. For next week, we foresee the pair making a small pullback towards the support and break the top. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
OANDA:XCUUSDLong
by financialflagship
7
Copper - Just the BeginningCopper futures broke out of their wedge this week, with per tonne prices breaking the $10,000 milestone. Names such as Freeport-McMoran (FCX) are benefitting from this, while TRQ is on discount due to. setback in their mining process. Despite Fed tapering, copper is strong, surprisingly. I believe that now is the time to get in "The New Oil", as stated by Goldman Sachs, who gives the commodity a 50% upside before 2025. If copper moving 10% has resulted in Freeport going from $30 to $39, think of what will happen if Goldman and the rest of the Street is right... Thesis: Goldman Sachs recently published a note declaring copper "the new oil," and forecasting it could reach $15,000 (50% inc.) by 2025 as the world transitions to clean energy. As the movement to sustainability/clean energy progresses, the exponential increase in demand for copper will outrun supply due to slow mine creation, centralized property rights. Although it may take a few years and experience some drawdown, depleted inventories and a demand spike will likely cause the price to rise significantly over the next decade, with Bank of America suggesting a possible 100% increase to $20,000 per metric ton by 2025. Overall sentiment on the Street is extremely bullish in the mid-to-long-term.
COMEX:HG1!Long
by nickygin
Copper Triggers Flag Pattern, similar looking to Oil BreakoutCopper confirmed a daily breakout of a flag pattern. Great follow through today. Next resistance comes in at previous highs of 4.80, and then likely new highs after that. Potential retest of the trendline breakout is possible. Just normal breakout market structure. This chart interest me because it is very similar to Oil a few months back. And look what happened: Hoping for a similar move. Inflation trade? Metals are getting a bid, and let's not forget to give some love to Dr. Copper!
OANDA:XCUUSDLong
by Uncharted-FX
Copper Prices Take Aim for May 2021 High Post Triangle BreakoutCopper futures are aiming for the May high at 812.60 after prices confirmed a breakout above a Descending Triangle chart formation. The 200-day Simple Moving Average helped maintain the dominant uptrend as the red metal continues to consolidate since earlier this year. A drop back under the July high at 768.50 could undermine upside progress, reorienting copper back towards the SMA. Clearing the May high exposes the 78.6% Fibonacci extension at 851.8636 towards the 100% level at 900.60. COMEX:HG1!
MCX:COPPER1!
by QM_Dubrovsky
𝘾𝙤𝙥𝙥𝙚𝙧 𝙁𝙪𝙩𝙪𝙧𝙚𝙨 (𝙃𝙂1!) — 𝙀𝙒𝘼HG1!: 🕐 6h A big review of this asset is planned for the first half of next year, but decided to make a small update to the count, as the current sideways formation looks very much like a bullish contracting triangle that is about to be completed. On completion of the final wave E of (B) , there will be a good trading setup for a long position. The wave marking in the double circle parenthesis corresponds to the green marking in the circle on the chart.
COMEX:HG1!Long
by TradeWaves-EWA
2
Copper bit of a bear marketHello, I see copper is in a bear market and a leg down could happen. Not going to provide a full in depth analysis. Here is a quick overview of this industrial commodity. Here is the 30Y chart compared to gold you should notice a few things: Copper could drop to 3.5-3.85. 3.85 is an extension of 1, 3.5 or 1.618. Those extensions are really very common. Gold bear market extended to 1.618 (for now): Copper, assuming this is a bear market, is no stranger to 1.618: The price extends 1 to 2 all the time. Sometimes it does more than "correct" it makes a whole downtrend. But it rarely does so (ever) without big retracements first. The old saying goes "don't trade corrections". Here this is something that repeats itself often so... And in the short term there are nice enough trends. I think trade corrections, but only if you are skilled. Newbies that struggle in 3 year straight line trends... Well of course they best stay away. As long as you have strong hands but don't overstay either, it should work out in the long run. The inflation trade is sleeping. Ah lumber has dropped so much. Too many people noticed it so they cut half the planet's trees. It dropped so much. And it had gone up so much. So much actually, that gamblers got caught up in lumber ponzis. I don't see the US going hyperinflation or even 15% a year. But people could buy commodities. In the short - medium term. Better something that returns 0 rather than say a -8% return. Disclaimer: I am long Soybeans and short Copper. To look for in the following days (to my knowledge): - China plans to release the state supply - China plans to monitor (translation: manipulate) the market - The US plans to "monitor" their economy (FED easing) - China industry has shown signs of slowing down Remember China buys half of the world Copper production (I think). China had bad numbers in particular their industrial production dropped hard. And As George Soros said, Housing Sector aïe aïe aïe. Since they learned, to their surprise (somehow) they had a 1 child policy, well there is no need for houses now is there? China doesn't take migrants either. And the rural exodus has slowed down. Economy contracts, demand goes down. Whole world contracts. China and the EU follow Japan. The US follows the EU. No reason for copper to go up. Supply is big an growing. Demand has no reason to grow. Only reason for the price to go up is inflation. For now the USD goes up as silly as it seems. Boomers worldwide all want to be safe. Safe with the greatest ponzi scheme in history.
COMEX:HG1!Short
by MrRenev
6