Copper tests major support

Copper price pulled back to the lowest level since early January amid demand concerns and stronger dollar. Fresh data showed that copper inventories in Chinese SHFE warehouses increased by 61.8% since January 20 to 226,509 tonnes on Friday, while USD appreciated last week following decisions of major central banks. On the other hand, the Las Bambas mine in Peru officially halted production at the beginning of this month. This copper mine accounts for 2% of the metal worldwide and has been operating at a reduced rate since early December, after Congress removed and arrested President Castillo. At the same time Europe's largest copper producer Aurubis (NDA.DE) posted almost 24% loss in latest quarter due to high energy prices and inflation.

Copper inventories in China increased over the Lunar New Year holiday. Source: news.metal.com

COPPER price pulled back nearly 7.0% from recent high, however buyers seem to halt declines around key support at $8880, which is marked with previous price reactions and 50,0% Fibonacci retracement of the downward wave started in March 2022. As long as price sits above, another upward impulse towards the key resistance zone at $9335 may be launched. This level is marked with an upper limit of the 1:1 structure and 61.8% retracement. Source: xStation5

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