Ultima MarketsMarket analysis: Production reduction measures may be implemented, and copper prices will start to be supplemented...

todayUltimaMarkets Bringing you 2024year 3month 14Daily copperIn depth analysis.

Fundamental points

• The rhythm of precious metal replenishment: IngoldAgainst the backdrop of continuous innovation, other commodity metals finally experienced a pace of replenishment last night. Silver, platinum, palladium, and brass all show varying degrees of strong upward trends. In fact, with the support of supply and demand and inventory logic, commodities have become one of the high-quality assets that absorb liquidity.
• Production reduction supports copper pricesAs the world's largest producer and consumer of refined metals, Chinese smelters are facing a crisis, with processing costs showing a sharp downward trend. At least yesterday Wednesday15After executives from a Chinese factory discussed measures including possible production cuts in Beijing, copper prices skyrocketed3.4%。
  

technical analysis

Daily chart analysis

Daily chart of copper, sourceUltima Markets MT4）

• Random oscillation indexAfter breaking away from overbought, the indicator once again issued a bullish signal, indicating an influx of off exchange bullish forces and a clear short-term upward trend.
• Upward resistanceCopper prices encountered obstacles in the upward channel after breaking through the downward trend line. Due to the strong upward trend and short-term profit taking pressure on the exchange rate, we are waiting for adjustments to focus on bullish trading opportunities.
  

1Hour chart analysis

(Copper)1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicators are entangled in overbought regions and are about to send a bearish signal, indicating that the current bullish and bearish forces are in a game stage, and copper prices are about to face short-term fluctuations and adjustments.
• Fibonacci retreatThe adjustment target for a strong upward trend, usually looking towards23.6%Fibonacci's retreat position is also crucial in the vicinity4.00The integer level. Pay attention to whether there is a long opportunity for copper prices to fully adjust to the retracement level.
  

Trading CentralHub Line Indicators

(Copper)30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day4.0010，
• 4.0010Upward bullish, first goal4.0630Second objective4.0765
• 4.0010Under bearish, first target3.9835Second objective3.9665
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.UltimaMarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.