Jiangxi Copper Upside Break through Awaited
Chinese major copper miner Jiangxi Copper (358-hk) is gathering more upside momentum as copper prices surged to the highest level in more than a year...
Share this:
Copper prices have rallied to the highest level in more than a year in July. Chile's, the largest copper producer in the world, government agency Cochilco said the country's copper output is expected to drop 1.2%, or 69,400 tons, this year.
Citigroup pointed out that the base metal is recovering from the depths of the demand shocks that accompanied the Covid-19 pandemic, and expects a deficit in global copper market next year.
From a technical point of view, Chinese major copper miner Jiangxi Copper (358-hk) is gathering more upside momentum as shown on the daily chart. It has rebounded more than 50% from March's low and has broken above last year's low (which acted as a resistance). Bullish investors might consider $8.90 as the nearest support, while a break above the nearest resistance at $10.56 would open a path to the next resistance at $11.40. Alternatively, losing $8.90 would suggest a deeper price correction and may trigger a pull-back to the next support at $8.44.
Source: TradingView, Gain Capital
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
ASX 200 Slides as Oil, Yields and Rate Risks Hit Sentiment
The ASX 200 suffered its worst week in six months as surging oil, higher bond yields and renewed rate-hike bets drove a broad risk-off move.
ASX 200 Outlook: Energy Stabilises, Tech Tests Support
ASX energy and technology stocks show signs of stabilising as traders focus on the key 9,000 level ahead of options expiry.
Nasdaq 100 Analysis Is it becoming harder to reach new highs
With the new trading week underway, the Nasdaq 100 has managed to reach new highs. However, the session’s gain is barely above 0.5%, a moderate move compared with previous weeks, when the index posted advances of more than 1.00% in a single session.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.