Commodity Markets: Copper Prices Race Ahead in the Charts
Copper prices are skyrocketing in the charts after the Federal Reserve announced an interest rate cut of 50 bps last week. The metal rose from $9,200 to $9,600 weekly and is attracting heavy bullish sentiment in the indices. On Wednesday’s opening bell alone, copper prices surged 188 points, rising nearly 2% in the day’s trade. Also Read: US Stock: Nvidia Price Forecast- How High Can It Rise By Sept’ End? Source: Business Insider The dramatic surge has made copper among the top gainers in the broader commodity markets this month. The industrial-grade metal has spiked double digits in 2024, surging 13.3% year-to-date. Investors who entered copper early this year made decent profits in the last nine months. Also Read: BRICS Currency: 40% Could Be Tied to Gold, 60% in Local Currencies What Next For Copper Prices? Source: Shawn Hempel / Adobe Stock The rise in prices came after the demand for the metal stabilized in September. China’s copper consumption by industries usual...