๐ฅCopper Price Surges as It Breaks the Trendline๐ฅ
Copper prices have risen in recent days, supported by a number of positive factors. A weakening US dollar against other major currencies has made copper more attractive to foreign investors.
In addition, the market received positive news from Chile, the world's largest copper producer. Chilean President Gabriel Boric predicted that output from state-owned miner Codelco would grow slowly this year. However, analysts remain optimistic about copper prices due to expected demand growth in sectors such as electric vehicles, electric infrastructure, AI and automation.
Trafigura, a large commodity trading firm, forecasts that copper demand will grow steadily in the coming years. This forecast is supported by the increasing investment in renewable energy and electric vehicle projects, which use more copper than traditional vehicles.
Today, according to our assessment, the price of the currency continues to rise as it approaches the support area.
Trading recommendation
SELL LMT CPEN24:
Entry: 4.5060
STP: 4.4630
TP: 4.6390
In addition, the market received positive news from Chile, the world's largest copper producer. Chilean President Gabriel Boric predicted that output from state-owned miner Codelco would grow slowly this year. However, analysts remain optimistic about copper prices due to expected demand growth in sectors such as electric vehicles, electric infrastructure, AI and automation.
Trafigura, a large commodity trading firm, forecasts that copper demand will grow steadily in the coming years. This forecast is supported by the increasing investment in renewable energy and electric vehicle projects, which use more copper than traditional vehicles.
Today, according to our assessment, the price of the currency continues to rise as it approaches the support area.
Trading recommendation
SELL LMT CPEN24:
Entry: 4.5060
STP: 4.4630
TP: 4.6390
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