Copper was one of the winners after the surprising result of US Presidential Election at 8th November. The starting point was 2.017 at the beginning of the year, and the closing point was 2.513 at the end of the year. Obviously, it was a so positive year for the copper market. Copper was one of the obviously winning commodities after the US election; But in 2017 the market may begin to struggle to make investments promised by the new president and that the expected increase in copper demand will not materialize. Facing growing dissatisfaction with the internal market, President Trump may increase the severity of protectionism by introducing emerging markets and trade barriers that would mean trouble for Europe. As global growth begins to weaken, China's demand for industrial metals may slow down as it moves towards consumption focused growth. HG Copper may show a break in the support of the slope by dropping back to the price of 2 USD / lb in 2002, the dam covers open and a speculative sales wave down to 1.25 USD / lb in the 2009 economic crisis.
With the more nationalist policies of Trump after the second half of January 2017, there could be a lower demand for the copper market observed. The first signals of copper market will be a bit negative according to the experts who are researching and analyzing the global forex market technically. The market may lose a bit value and decrease under the 2.4 level with the second half of January.
- Date: 09 January 2017 Mon 12:08
- Last Added
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