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FxWirePro: Copper bullish momentum continues, price tests levels unseen since Jan 2014
Copper chart - Trading View
Copper marches ahead to extend its bull run for the 4th straight week. More upside on charts.
Prices of copper on the London Metal Exchange were trading 0.41% higher at $3.328 per pound at around 10:30 GMT.
Copper hit $3.347 per pound earlier on the day, levels seen last in January of 2014, before paring some gains.
Hopes of progress in developing COVID-19 vaccines which could spur a swift global economic revival were fueling commodity prices.
AstraZeneca, Pfizer-BioNTech and Moderna reported positive results in their coronavirus vaccine trials.
A weaker dollar, record-breaking US stock markets and demand from the booming renewable sector adds to support price rise.
Technical bias is strongly bullish. Price action has confirmed a Wedge breakout. Next hurdle for the bulls aligns at 3.422 (Jan 2014 high).