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Copper Prices Surge To Nine-Week Highs As Dollar Sinks
Copper prices continued to rise on Tuesday, as the markets continue to expect a major Trump-led infrastructure plan to be pushed through and thus spur demand for industrial metals.
A sluggish U.S. dollar also helped copper. As the value of the dollar drops, the corresponding values of hard assets like gold, silver, and copper rise in dollar terms.
For the technical analysis on copper prices, let’s check in with the experts over at Kitco:
March N.Y. copper closed up 715 points at 272.70 cents today. Prices closed nearer the session high and hit a nine-week high today. The key “outside markets” were in a bullish posture for copper today as the U.S. dollar index was sharply lower and crude oil prices were solidly higher. The copper bulls have the solid overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the November high of 275.30 cents. The next downside price objective for the bears is closing prices below solid technical support at 255.00 cents. First resistance is seen at 275.30 cents and then at 277.50 cents. First support is seen at 270.00 cents and then at today’s low of 265.95 cents. Wyckoff’s Market Rating: 8.0.
On the ETF side of things, the iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (NYSE:JJC) was trading at $31.49 per share on Tuesday afternoon, up $0.75 (+2.44%). Year-to-date, JJC has gained 9.45%, versus a 1.53% rise in the benchmark S&P 500 index during the same period.
JJC currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #31 of 120 ETFs in the Commodity ETFs category.
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