Copper update March 2, 2015

Copper price has rebounded from a 6-year low set in January to mark a new 2-month high today. The long-term trend is massively down but the short-term one is up, as long as this market holds higher than 2,65. Looking forward for higher prices to sell this fragile bear market rally short. Low interest rates around the world may stimulate demand for copper, but the slowdown in the construction sector of China and other countries affects copper’s fundamentals in a very negative way.

Copper weekly chart:

Copper(Weekly)20150302164634

Chart courtesy of investing.com. http://investing.com

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