The price of Chicago Copper futures is up 3.74% at $4.4910 per pound on mid -Thursday trades.
The lifting of COVID-19 restrictions in top metals consumer, China buoyed hopes of demand recovery, although a strong US dollar limited the upside.
The resumption of work and production in Shanghai is making market participants optimistic about the increase in demand, resulting in copper prices fluctuating upward. However, the rebound of the US dollar and the expectation of raising interest rates still put great pressure on copper prices.
According to the data released by the ISM, thanks to the acceleration of orders and outputs, the ISM manufacturing index of US was better than expected in May.
Copper possesses properties that give it a central role in the drive towards a greener future, particularly the red metal’s ability as an electrical conductor. With the increasing global adoption of green technology, copper’s future looks bright.
On the technical side, the RSI of Chicago copper futures stood at 60.58 and is currently trading above MA (5) and MA (20) but below MA (50). SO, BUY position can be taken with the following target and stop-loss:
TRADE SIGNAL: CHICAGO COPPER FUTURES – BUY: 4.5810, TARGET: 4.7350, AND STOP-LOSS: 4.4735