Copper is up intraday, and on the week, pairing back loses that took it below $5.400 in mid March, but back above $5.550 (ZE tentative support/resistance).
Whether this is support or resistance is left to be ascertained. However we expect some volatility in this industrial metal going forward through Q2. But ZE expectations are that it stays higher that th $5.550 level at the end of the Quarter.
3/4
LMEselect closes at 19:00 London time. Over the following six hours, bid/ask spreads on base metals widen materially, and the resulting cost registers directly against physical delivery margin. Standard platforms do not reveal this exposure in real time.
Happy Easter from C4CU.
3 copper facts:
Copper moulds shape your chocolate eggs
Every EV uses 83 kg of copper 4x a petrol car
Global demand to double by 2035
Copper is everywhere.
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