Deteriorating demand expectations has induced volatility in price of copper, however, has recovered steadily around 8% of its value in the last two months. China main importer and consumer worldwide has seen fall its HSBC Purchasing Managers' Index (PMI) from 50.7 in February to 49.6 in March, signalling to Renewed deterioration in the health of the sector. However, pro-growth Measures from China and a potential delay of the Fed's interest rate May lend support to copper prices, and China's accelerating investment in infrastructure projects will Contribute to stronger copper demand as well, in turn boosting copper prices.
The price has fluctuated around the moving average of 100 periods within a bullish regression channel with support at 2.55 and resistance in 2.9, during the month of April, the price could move about 5%
The price has fluctuated around the moving average of 100 periods within a bullish regression channel with support at 2.55 and resistance in 2.9, during the month of April, the price could move about 5%