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Copper Price is Due For Correction in the Short Term – Commerzbank
As copper prices hit 10-year highs yesterday, two sets of contrasting opinions have hit the market this Tuesday. On the one hand is OCBC Bank, whose strategists are predicting a new record high within the current super-cycle. OCBC cites exceptional end-demand from China and decade-low inventories as the prime factors that could initiate the breakout move. OCBC also thinks that the increasing demand for the adoption of electric vehicles will be a supportive base for copper. In contrast, Senior FICC Technical Analyst at Commerzbank Axel Rudolph feels that the current upswing is unsustainable and that a correction is ... (full story)