Commodities: Copper
Copper caught my attention this morning after it bounced strongly following its recent 7% pullback, a move which clearly helped sentiment in the resources space e.g. BHP rallied over 4% in the US
From a purely technical perspective coppers acceleration higher in 2021 implies higher prices later in the year i.e. a 25% rally in a couple of months is usually followed by some consolidation and then a continuation of the bullish trend.
Overnight copper again surged to fresh multi-year highs, it might be a volatile journey through 2021 but we remain bullish and well exposed to the base metal.
