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Copper could hit $9,760

Copper prices have been trending higher for the fourth day in a row. Copper has risen to $9,682/t and as long as the buy-side sentiment holds prices could rise to $9,759-9,760.

The upside trigger for copper was news about a Covid outbreak in China's Yunnan province. One of the country’s main copper deposits is located there, and a new round of the disease could lead to restrictions in the region, which could stoke a reduction in the output and supply of the metal.

China is the world’s largest copper importer, so any news regarding supply and demand at this level exerts a strong impact on the behavior of copper prices.

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