- Copper reacted higher at $4.98 per pound, seeking new all-time highs.
- Investors are banking on China's economic measures to boost demand for the metal.
Copper found aggressive buyers who defended $4.98 at the close of yesterday's American session. Today, the metal made a low at $5.01, bouncing back and hitting a daily high of $5.14. Copper is currently trading at $5.12, gaining 0.94% daily.
Investors remain optimistic about copper despite subdued demand
The latest readings on copper demand have been moderate, so China focused part of its economic plan on improving its real estate sector and thus increasing demand for the raw material. Speculators are encouraged and aim to surpass the all-time high reached on May 19 at $5.16.
Technical levels in copper
Copper has reacted higher at first support at $4.98 in confluence with the pivot points and the 50% Fibonacci retracement. Second support remains at the May 15 low at $4.78. The closest resistance is at the all-time high reached on May 19 at $5.16.
Copper 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
