For the trader who focuses on financial markets copper futures are considered an accurate indicator of economic growth. The elasticity in the demand of copper is generally gauges the growth or decline of an economy. Copper futures usually identify growing or shrinking economies and the investor can determine the stocks and options to invest in.
NYMEX High Grade Copper Looks Bullish
Technical Analysis of Copper shows the the fast moving average is above the slow moving average, and indicates that the copper prices are on the rise. The views for both the long term and short term are bullish. As of now the Bollinger Bands indicate the market is overbought and likely to remain so in the near future. The RSI is also in the neutral territory. A good sign to start selling copper would be when the RSI indicator rises above the top line of the overbought zone. Watch for other technical indicators before taking any bearish positions.
Weekly Copper
The market is extremely bullish
and most indicators signify
higher Copper prices.
The fast average is significantly higher than the slow average and is on a upward slope from the previous line. The slow average is also bound upwards from its previous position and the biggest indicator of Copper price rising is that the Copper price is above both the fast moving and slow moving average.
About Copper As An Industrial Metal
Copper is industrial metal primarily used electrical equipment because of its excellent qualities in the conduction of electricity. Rampantly used in the construction industry because of its natural resistance to corrosion it is an automatic choice for all types of wires (electrical, plumbing and communication).
Where Is Copper Traded
Similar to Gold, the two main markets for copper trading is New York and London. The London Metal Exchange (LME) is the world’s chief non-ferrous based metal markets and the hub of physical copper trading.
World’s Top Producers of Copper
The world produces about 1.5 million metric tons of copper annually. Chile accounts for one third of the worlds copper production. And coupled with The USA they produce 65% of the worlds copper. Scrap Metal and equipment is also a significant source of copper where the metal is taken out refined and recycled for further use.
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