📉Copper erases early gains❗

The price of copper pulls back from new historic highs🔽

On Monday, the price of copper again reached new historic highs. Today one had to pay more than $ 10,700 for a ton of this metal! It is worth noting that over the past year, copper has increased by over 100%, in March last year the price was below $ 5,000. The recent increases can be explained, among other things, by supply concerns. The economy has only just begun to take off after a long period of coronavirus-related restrictions. In addition, copper is used in technologies based on green energy, which has been gaining popularity recently.

Let's look at the technical situation. Looking at the daily interval, copper is in a strong uptrend. Today's session started with a bullish price gap and copper climbed to new record highs. Nevertheless, buyers were unable to uphold the momentum and strong pullback occured. If the downward correction were to deepen, the $ 10160 -9870 zone should act as a key support. The area marked in purple results from 2011 highs and the lower limit of the local 1: 1 structure.

Copper interval D1. Source: xStation5