Key points
- Price rockets to $3.500 per ounce
- Covid-19 vaccine optimism is good for industrial metals
- The long term remains bullish
The price of copper is on a sharp rise right now riding on the back news that a number of pharmaceutical companies have developed effective vaccines against COVID-19. This has fired up the optimism that the global economy will open to full capacity sooner than expected. The industrial metal rose 12.24% in November, its best month in four years to trade above $3.000 for the 5th straight month. Today the metal is trading at the $3.500 per ounce.
Copper Daily Chart
The industrial metal has now surpassed the July 2018 highs at $3.3190 per ounce in an impressive buying momentum. At the current levels prices are prone to a price correction due to the overbought scenario being depicted by the Relative Strength Index. During the July 2020 price correction at the $2.9225 region, the RSI had overshoot to beyond 75, and right now it is tinkering around the 80 mark. A healthy price correction will probably take price down to the ascending line around the $3.370 handle.
Trends
| Moving Average | Simple | Exponential |
| 60 | 3.1430 BUY | 3.1700 BUY |
| 100 | 3.0615 BUY | 3.0580 BUY |
| 200 | 2.7595 BUY | 2.9070 BUY |
Pivot Points (Daily)
| Name | S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| Copper | 3.5092 | 3.5181 | 3.5232 | 3.5321 | 3.5372 | 3.5461 | 3.5512 |
| Platinum | 1031.80 | 1044.75 | 1051.95 | 1064.90 | 1072.90 | 1085.05 | 1092.25 |
| Palladium | 2335.16 | 2342.33 | 2345.91 | 2353.08 | 2356.66 | 2363.83 | 2367.41 |
Pivot Points (Weekly)
| Name | S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| Copper | 3.3300 | 3.3735 | 3.4490 | 3.4925 | 3.5680 | 3.6115 | 3.6870 |
| Platinum | 850.74 | 903.57 | 987.04 | 1039.87 | 1123.34 | 1176.17 | 1259.64 |
| Palladium | 2035.10 | 2130.10 | 2242.55 | 2337.55 | 2450.00 | 2450.00 | 2657.45 |
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