Copper prices may be picking up a slightly as the week draws to a close; however, the red metal’s minor gains aren’t enough to spark much confidence in metal prices in the near term.
On the whole, the general consensus seems to be that copper isn’t yet done playing with the bears. In the last month, copper has broken through its support price of $3.15 and fallen below $3 on the back of poor Chinese economic data and geopolitical tensions in Crimea. The red metal is on track for a 12-percent loss in the first quarter of the year, and optimism isn’t widespread when it comes to copper demand in the short term.
Given this scenario, with the overall thesis being that a balance between supply and demand will see-saw for some time before things truly pick up, it may be a good time for investors looking to buy at lows to start considering some opportunistic investments.
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