Where do u see copper heading??

Question

right now copper is trading aound 297 on MCX
life high 347
life low 260

I received an article saying that actuall copper prices are far lower then the price at which it is trading in mcx

the article said smelters are enjoying huge profit and copper prices will fall to 250 levels on mcx and evn 160

what's your view on this,,>??
this article has scared me as i am holding 2 lots that i bought at 305

Answer 1

I see copper leveling off. For instance more people are using cell phones that might use copper, but not the amount of copper needed for telephone lines. If you really want to track copper, watch one of the biggest producers, Chile.

Answer 2

I think its going to drop. That last person had a good point about phone lines, everything is going to fiber. Also every home will eventually start using flexible plastic tubing instead of copper. Its cheaper and lasts longer.

Answer 3

While copper prices have stabilized over the past few weeks it may still be too early for most commodity traders to enter a long position. Taking at the five-year weekly chart below, you can see that the spot price is currently testing the resistance of an influential descending trendline (dotted line). Based on the chart, it is apparent that the descending trendline is trading at the same level as the 50-week moving average (blue line). From a trader’s perspective, the upward momentum may continue up toward the 200-week moving average near $3.33. However, the limited upside suggests that there may be more profitable opportunities elsewhere.

https://www.ways2capital.com/

Answer 4

Copper will fall, as it is losing uses.
Get out while you still can.

Answer 5

I always see the coppers heading toward the donuts and fast food.