Copper Futures—Copper futures in the March contract is sharply higher this Tuesday afternoon in New York reversing losses that we witnessed over the last couple of sessions up 625 points or 1.75% at 3.6270 a pound while still remaining in a bullish trend.
The volatility in copper and the rest of the commodity markets is high especially at these multi-year highs and that situation is not going to change anytime soon as I still believe the 4.00 level could be touched as we have just paused over the last month looking for some fresh fundamental news to dictate short-term price action, however I see no reason to be short.
Copper prices are still trading above their 20 and 100 day moving average as the trend remains to the upside as prices have to break last week’s high around the 371 level to remain in a bullish trend. The U.S dollar has rallied in recent days, but I think that situation is limited as massive stimulus packages will continue to be announced on a weekly basis as I look for the dollar to continue its bearish trend which is a bullish fundamental factor for higher prices ahead not only for copper, but for all asset classes..
CHART STRUCTURE: EXCELLENT
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