Copper prices have reached a record high, hitting $4.50 per pound, driven by increased speculative bets and hedge fund activity. However, the recent surge has faced technical selling pressures, particularly due to a pause in gold buying by China, rising SHFE copper stocks, and the strength of the US dollar following a strong jobs report on Friday, June 7. Analysts, including those from UBS, have shared their outlook on the metal's price, noting potential liquidation risks as copper briefly touched $5 per pound in May. Trafigura has also questioned the recent spike.
Profound daily reversal of retreating #yields Friday - no retreat defying strong data this time. #SPX risk-off, yet resilient - bouncing back for plenty of intraday gains. Will that last - fresh rotations to save $SPY? Taking on #gold #silver too... https://t.co/k3dEB4on5O https://t.co/kyFZHORk9P
Friday's metal meltdown, driven by technical selling and hedge funds cutting back longs, was triggered by PBoC gold buying pause, rising SHFE copper stocks, and accelerated by dollar and yield strength following a surprisingly strong US jobs report. The buy-on-dip strategy seen… https://t.co/4JV3NkYJXi
Friday's metal meltdown, driven by technical selling and hedge funds cutting back longs, was triggered by China gold buying pause, rising SHFE copper stocks, and accelerated by dollar and yield strength following a surprisingly strong US jobs report. The buy-on-dip strategy seen… https://t.co/eBDtlI6wFj
Copper Breaks Trend Line As Trafigura Questions Spike, Hedge Funds Bet Big https://t.co/s6nudqWAUW
Copper: UBS analysts share latest thoughts on red metal’s price outlook https://t.co/VQBOQsONP1 https://t.co/ZD9Dc7XfI2
Copper's $5 Kiss May Lead to $4 Hug - Led by speculative #futures, CME #copper's brief foray above $5 a pound in May might face liquidation risks toward $4, with implications for most risk assets. My graphic of the per-pound price of the metal on the same scale as the S&P 500… https://t.co/XJ54PzBE5K
Copper finally hit $4.50. On The Commodity Report this coming Monday we will breakdown what is next for the industrial metal. @JasonP138 https://t.co/4lMRPXYLLm
Copper bets continue to increase pushing price to record high 👇 https://t.co/84MWcJUshI