Copper Remains Bullish as the Price Consolidates
Copper prices rose to new record highs in May 2021 and March 2022. The most recent peak took the red industrial metal to over $5 per pound. After correcting to the $3.40 level on September 2, 2022, copper could be on sale as the prospects are for even higher highs over the coming months and years.
Copper Plunges into the Buy Zone
In 2021, Goldman Sachs analysts said decarbonization does not occur without copper. The red nonferrous metal rose to record highs in May 2021 and moved to an even higher price above the $5 per pound level in March 2022. The latest correction took out a technical support level indicating the US and global economies have entered a recession.
Copper- Higher Lows And Higher Highs Continue
Copper’s price continued to rally during the first three months of 2022, reaching a new all-time high at just over $5 per pound. Copper has long been the leader of the base metals that are building blocks of infrastructure. Copper’s role in addressing climate change has increased the metal’s profile and pushed the price to higher highs.
Copper- Consolidation In The Red Metal With Higher Highs On The Horizon
For decades, market participants viewed the copper market as a bellwether for global economic expansion or contraction. The red nonferrous metal is a construction staple and essential infrastructure building block along with the other base and ferrous metals, and copper is a leader in the sector. Recently, a new demand vertical has lifted copper’s profile, likely pushing the price to new record highs over the coming years.