Copper Holds Steady Amid Resilient Chinese Demand
The price of copper has remained stable, despite the Federal Reserve's recent interest rate hike. According to Economies.com, the metal is trading at $6.6598 in a slightly positive session today.
The technical momentum remains positive, with copper holding above its key moving averages. Rising import premiums in China have reached their highest levels since October 2022, indicating continued demand and potentially tighter near-term supply.
Analyst Anton Kharitonov from Traders Union believes the current strength of copper is driven by resilient Chinese demand and the price's ability to stay above key moving averages. However, he notes that market positioning appears tense, with traders shrugging off hawkish signals while Chinese import premiums have climbed.