Copper (XCU) price faces an important test as strong factory activity in China supports the demand outlook. But weak construction and the risk of further rate hikes by the Fed could limit gains. A new agreement at the Centinela mine in Chile has also eased supply concerns. In my view, the broader outlook for copper remains positive, but the clear break above $7 is needed to confirm the strength. This article presents the key economic drivers, technical levels and signals from copper-to-silver ratio that could shape the next move in copper.
Copper Price Forecast: $7 in Focus as China Factory Growth Picks Up
By:
Key Points:
- China’s factory growth supports copper demand despite weak construction.
- Copper needs a clear break above $7 to confirm further strength.
- A break below $6.60 could expose support near $6.20.