Home Forex News Copper Sees Enthusiastic Buying After Breaking Above $3 Per Pound

Copper Sees Enthusiastic Buying After Breaking Above $3 Per Pound

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COMEX Copper futures saw a massive upswing on Friday as falling inventories and continued buying support pushed up the metal towards recent twenty seven month high. LME Copper inventories have dropped near 82000 tonnes – their lowest mark in more than a decade. COMEX Copper also saw accelerated buying after the break above $3 per pound. The metal ended at $3.07 per pound, up 3.40% on the day.

China’s services sector grew strongly in August as businesses continued to recover from the coronavirus pandemic, survey data from IHS Markit showed Thursday. The Caixin services Purchasing Managers’ Index fell marginally to 54.0 from 54.1 in July. However, a score above 50 indicates expansion. The latest uptick extended the current sequence of growth to four months, signaling that the sector continued to recover from the marked drops in activity earlier in the year following the Covid-19 outbreak. The composite output index rose to 55.1 in August from 54.5 in July. The score signaled the second quickest since December 2010. The uptick was supported by the strongest increase in manufacturing output since January 2011.

Shanghai base metals declined across the board on Friday morning as US stock indexes plunged while their counterparts on the LME traded higher. The latest customs data showed that China’s copper ore imports jumped 12.6% on the month to 1.79 million mt in July, and Peru’s copper output has returned to normal levels. The latest customs data showed that China’s copper ore imports jumped 12.6% on the month to 1.79 million mt in July, and Peru’s copper output has returned to normal levels.

TREND : SIDEWAYS

Time                                      :           07/09/2020

Pivot                                      :           3.0486

Technical View                     :             LONG ABOVE 3.0541

Target                                   :            3.0641, 3.0778, 3.0903

Technical View                     :             SHORT BELOW 3.0461

Target                                   :            3.0337, 3.0222, 3.0074

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