The copper market is red hot right now. The price of copper has rallied to the highest in more than two years, breaking resistance around 6500 USD per tonne and opening up with the upward price gap of more than 200 USD per tonne. The price is very vulnerable to the increased risks over supplies from South America which are related with disputes about wage offers and also coronavirus among employees from top mines on the continent. There is also a positive aspect from the demand side, ahead of GDP data from China on Thursday. Market consensus indicates that there will be two-digit quarterly rebound of GDP. Is is also worht to note that along with copper, the price of silver has broken 19 USD per once.
The price of copper opened with huge positive gap, breaking 6600 USD per tonne, the highest in more than two years. Source: xStation5
