The industrial commodity made a breakout on Tuesday on CME and after seven months left the consolidation area. This is the highest price - 3,378 - since 2013 May. In the first quarter the correction was brutal was around 30% and since this March the copper has been ranging only, until now. On Tuesday gained closely 2% the price. In the last couple of weeks the prices have marched higher backing by the strong US macros and big Chinese liquidity poured by Chinese authority. The biggest copper buyer in the world is US and the second is China.
The traders seem now they are quite bullish. Technically the copper left the range at 3,370 and the area is opened now up to 3,470 that can be first key resistance level. We found a reversal head and shoulder pattern on the weekly chart too, which is signal of bullish sentiment.
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The BFM Assets Team.
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