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Metals market pulls back Copper market gains may be corrected recently

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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As speculative money flocked into the copper market to go long to hedge against possible inflationary pressures
from the Fed's continued stimulus program.
Overnight, LME copper hit a nearly 10-year high and then retreated, while the domestic metal market also showed a correction, with Shanghai nickel and Shanghai tin falling more than 3% on Friday, and Shanghai copper and Shanghai zinc both falling more than 1%.

Copper City

Axel Rudolf, senior technical analyst at Commerzbank, said the LME copper rally
accelerated this week.
However, this rally is unsustainable, and a correction
will soon follow.

Rudolf said copper prices have hit their highest level since August 2011, but technical indicators are extremely overbought, with the relative strength index at its highest point since 2006
.
As always, copper is expected to pull back, possibly this week or next week, to revise
the recent sharp gains.

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