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Copper's $4,000 Break

by Ashraf Laidi
Mar 23, 2009 12:14

Copper's $4,000 Break - Aud Copper Mar 23 (Chart 1)

Copper's 44% rally from Decembers 4-year lows is worthy of notice due to i) the break of the January rising channel (ii) its high correlation with the Aussie and iii) the possible implications for a looming industrial order recovery. Having broken above the $4,000 mark on Friday, the new support stands above the top of the previous channel at $3,800s. Fundamentals are stacked in favour of further Aussie gains, eyeing 70.70 cents, especially as markets begin scalding down chances of a 25-bp rate cut from the RBA at the April meeting.

 

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