Copper reached an apex high above the 5.3300 ratio in early trading this morning as record prices continue to be challenged and be surpassed in the essential commodity with lighting quick flucutations.
As of this writing Copper is near the 5.2495 cash price as it traverses within it upper realms extremely dangerously. The commodity made a record high earlier this morning with serious price velocity upwards being demonstrated when the 5.3300 level was penetrated. Yes, Copper has come off of its apex, but the ability to produce consistent buying power since the start of this calendar year has been rather astonishing. Traders considering wagers in Copper need to be comfortable with volatility.
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Copper was near the 4.0000 ratio as January began trading. On the 5th of November 2024 Copper was around the 4.4575 vicinity. The decline in the price of Copper from President Trump’s election until the start of this year is a warning sign for any speculator who wants to bet blindly on upside price action. However, the price of Copper at this time last year was around 3.9600 per pound.
Copper Surge and Complex Influences Abound
While the supply of Copper is healthy, the new White House administration is certainly influencing trading sentiment in the commodity. President Trump has spoken about making the mining and production of U.S origin Copper an essential and protected market. U.S production of Copper had faced conservation restrictions in recent years, but this will change under the new White House. However, putting infrastructure in place to effectively mine Copper cannot be accomplished overnight.
The U.S actually is a large importer of Copper from places like Chile, Peru and Canada among others. The shadow of tariff negotiations has certainly played into the price of Copper speculation since the start of January, when large traders began to take President Trump’s rhetoric as more than threats. The ability to climb above the 5.0000 level early last week and sustain upper price realms needs to be taken seriously.
Day Traders and Copper Wagering Considerations
Copper is an important component of global industry. Talk of tariffs from the U.S and counter tariffs from other nations has created a strong buying frenzy in certain commodities as large manufacturers position. Copper purchases while considering mid and long term usage have certainly increased. The production and supply of Copper is certainly one of the important barometers regarding President Trump’s tariff threats.
- Day traders looking to take advantage need to understand that trying to ride the trend of large players in Copper can be dangerous.
- Trades should be placed carefully and the use of conservative leverage is urged.
- Copper can move very fast and the fact that it has produced a significant upwards trend since the start of this year doesn’t diminish the truth that Copper can move lower in price too.
- Looking for upwards movement may feel like the logical wager still.
- Traders need to remember a lot of tariff news will be heard early next week, this as Trump’s 2nd of April deadline for negotiations approaches, which will continue to make Copper extremely volatile.
Copper Short-Term Outlook:
Current Resistance: 5.2690
Current Support: 5.2380
High Target: 5.3400
Low Target: 5.2150
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