Copper breakout targets 10,160 on renewed uptrend – Société Générale
Source Fxstreet
LME Copper has regained strong upward momentum after clearing the 50-day moving average, setting the stage for a potential move toward multi-month highs, Société Générale's FX analysts note, Société Générale's FX analysts note.
LME Copper eyes higher peaks
"LME Copper established itself above the 50-DMA recently and broke out from a base. This has resulted in a steady up move. Daily MACD remains anchored within positive territory highlighting prevalence of upward momentum."
"LME Copper is likely to inch higher gradually towards projections of 9940/9975 and perhaps even towards the graphical level of 10160 representing the peaks of September 2024 and March 2025. If a short-term pullback develops, the 50-DMA near 9560 may provide support."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold (XAU/USD) retreats slightly after touching a fresh record high, around the $3,689-3,690 region during the Asian session on Tuesday, amid some repositioning trade ahead of key central bank events.
The Silver price (XAG/USD) tumbles to around $42.05 during the Asian trading hours on Wednesday.
Bitcoin (BTC) could be poised for a price surge following its positive correlation with the S&P 500, as market participants anticipate a 25-basis-point rate cut from the Federal Reserve on Wednesday.
Gold (XAU/USD) attracts some sellers during the Asian session on Wednesday and moves away from the all-time peak, levels just above the $3,700 mark touched the previous day.
The US Federal Reserve is expected to cut the policy rate for the first time in 2025.
Related Instrument
