An impending possible move by China to prohibit imports of scrap metals could be the spark for a rebound in copper prices, which investors anticipate will fuel heavy demand for imports of refined copper. Chinese officials have considered banning scrap metals as early as 2018. Should the new regulation be implemented, the market for refined copper may expand rapidly in an economy that tallies nearly 50.00% of the world’s total consumption of the industrial metal. Copper prices for delivery in August are trending near $2.8550. Trading volumes for the week are at their highest point since November of 2016, a sign that the uptick saw heavy participation from the market and could very well be extended. Closing higher than recent peaks of $2.8995 might lead to further gains. On the other hand, any correction could see copper find support near $2.8200.
Copper Set for Terrific Week
Daily Analysis - 28/07/2017