Update: Copper Futures - Thursday, 04 April 2024

READING TIME: 2 MINUTES

To trade, or open a new account, contact the Unum Capital Trading Desk:

E-mail: tradingdesk@unum.co.za | Call: 011 384 2923

Publication Time: 07h50

THIS IS AN UPDATE ON MY SHORT/MEDIUM TERM VIEW AND LONG TERM VIEW.

SHORT TERM: Copper is trading at multi-month highs.

Unum Capital clients were alerted to a positive technical structure on on Thursday 16 November.

Over the period, Copper is higher by 14.5%. This is a significant move for one of the world's most in demand commodities.

Copper Futures as of this morning.

LONG TERM: My bull thesis for the commodity remains in tact. The chart (with detailed comment) below, was presented to Unum Capital clients 4 years ago, on 03 May 2020.

At the time, Copper traded at $2.31. Two years later, it rose to a high of $5.05 before commencing a consolidation phase.

Lester Davids

Analyst: Unum Capital