Commodities
Copper Price Cautious Despite Bullish Technicals and Supply Imbalance
Copper prices are showing signs of caution despite the ongoing supply/demand imbalance in the market.
The current price is trading around $6.70-$6.80, with bullish technical indicators still intact, including a golden cross pattern formed by the 25-day and 50-day EMAs.
However, a stronger US dollar is capping copper's upside, with the DXY index near a 7-week high at $100.39.
The market is digesting a hawkish Fed tilt and geopolitical tensions in the Middle East, which are contributing to the dollar's strength.