Copper Tries To Stabilize
COMEX copper prices reached a new record peak in March 2022 when the price probed over the $5 level and reached $5.01 per pound on the continuous futures contract. Over the past five months, copper corrected, making lower highs and lower lows.
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.