Focus on COPPER today – 5th July 2024

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the COPPER for July 5, 2024.

Key Takeaways

• Non-farm payroll data: Tonight at 20:30, the U.S. Bureau of Labor Statistics will release the latest non-farm report. Multiple data released this week showed that the U.S. economy and employment performance have gradually weakened, leading to Wall Street’s expectations for the Fed’s interest rate cut. Tonight’s report is even more important in this context.
• Copper price: The main reason for the previous continuous rise in copper prices is the shortage of copper concentrate on the raw material side, and the obvious rebound in economic data at home and abroad after the beginning of the year. Market participants are worried about the supply shortage in the future market and have sufficient confidence in the demand for the copper market. The recent decline in copper prices is mainly due to the withdrawal of some speculative profits, the cooling of the market price increase, and the long-term copper price still has good fundamentals after the adjustment.

Technical Analysis

Daily Chart Insights

• Stochastic Oscillator: After the indicator issued a bullish signal in the oversold area on July 1, the fast and slow lines yesterday also crossed the 50 median line, clarifying the upward trend.
• Support and resistance: Copper price broke through the key resistance price of 4.5626 yesterday. If it falls back today, pay attention to the red area, which is also near the 65-day black moving average. If it continues to rise, look at the first target near 4.6576.

1-Hour Chart Insights

• Stochastic Oscillator: The indicator sends a short signal in the overbought area, but the copper price is still in an upward divergence trend during the current Asian session, suggesting that there is a probability that the copper price will continue to consolidate in the short term.
• Retracement price: Although the copper price has retreated to yesterday’s high, it is still necessary to be vigilant whether it will further correct the previous fierce rise. Pay attention to the red 33-period moving average below.

Pivot Indicator

• According to the trading central in Ultima Markets APP, the central price of the day is established at 4.5020, 

• Bullish Scenario: Bullish sentiment prevails above 4.5020, first target 4.5755, second target 4.5885; 

• Bearish Outlook: In a bearish scenario below 4.5020, first target 4.4825, second target 4.4635. 

Conclusion 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.