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Copper hits 7-week high

A weak dollar and robust macro data out of the US and China jolted copper prices back into rally mode. On Tuesday, April 20, copper has been trading at $9,431.4/t. The February peak stood at $9,618.80, and the odds of a retracement to this mark now look increasingly likely. Breaking out of the $9,500 interim resistance level would pave the way for the bulls to reach $9,523.

An earlier copper rally was by snuffed out by fears of widespread setbacks in vaccine rollouts, including those in Europe, and the possibility that pandemic-related stimulus could be reduced in China. However, the momentum has resumed, and if the upward trend persists, prices may well retrace to a 9-year high. A long-term trigger for copper price support is the steady recovery of demand for low-carbon power generation technologies and electric vehicles using copper.

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