Ultima Markets[Market Analysis] Copper prices show significant support, with new targets appearing above

todayUltimaMarkets Bringing you 2024year 4month 9Daily copperIn depth analysis.

Fundamental points

• Copper prices are bullish in the short termPositive economic data from China and the United States, as well as market expectations for future demand, have boosted copper prices. At the same time, the tight supply situation in China's copper market has not been effectively alleviated, and these factors have jointly driven the long-term rise in copper prices.
• Supply and demand imbalance supports copper pricesThe scarcity of global copper resources is gradually becoming apparent, and it is expected that2024The annual copper mine output growth rate will reach its peak and then decline. At the same time, the global copper mining grade is showing a downward trend, pushing up mining costs and restricting the expansion of copper production.
  

technical analysis

Daily chart analysis

Daily chart of copper, sourceUltima Markets MT4）

• Random oscillation indexThe indicator has entered the overbought area and is suspected to form a bearish signal, but it is not easy to be bearish until the signal is clear. It is more likely that the market has entered the adjustment stage.
• bareKstructureThe continuous appearance of two long candlestick candlesticks in the market price suggests strong support from the bulls below and an upper hand. At the same time, after a strong breakthrough in prices yesterday, the overall bullish trend was more clear, with an upward view towards the expansion zone of Fibonacci.
  

1Hour chart analysis

（Copper1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexDuring the Asian session, the indicator issued a bearish signal, indicating that short-term prices will face adjustments. After switching to a smaller time cycle, wait for the bullish signal to appear again and focus on the long opportunity.
• Potential roof formCopper prices are currently in a downward trend and are about to form in conjunction with yesterday's surge trendMTop shape. Due to the fact that the support below was successfully broken through after repeated testing, the support strength is not weak. But if the market price ultimately falls below4.2267The support level in this area will lead to a deep adjustment in copper prices.
  

Trading CentralHub Line Indicators

(Copper)30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day4.2390，
• 4.2390Upward bullish, first goal4.3100Second objective4.3220
• 4.2390Under bearish, first target4.2210Second objective4.2030
  

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.Ultima MarketsReasonable 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.