Commodities
Copper Prices Soar on Chinese Demand for Energy Transition Projects
Copper prices continue to rise due to tight global supply and strong demand from China, particularly in projects related to the energy transition.
The metal's price has gained 1.43% on the day, reaching $6.8233, with technical indicators suggesting it is overbought but still maintaining its position above key moving averages.
Analysts point out that copper demand is driven by expanding use in energy transition projects and infrastructure growth, supporting long-term consumption in the world's largest consumer market, China.
The expected price range for the next few days is between $6.7352 and $6.9114, with a key resistance level at $6.9114 that could trigger further upside if breached.