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Charting Coppers future
Copper futures capped the longest rally since August after the Senate crafted a deal to end a U.S. fiscal impasse, boosting the outlook for economic growth and commodities demand.
But it is still down over 8 percent on the year, tumbling into a bear market in April.
The worldwide glut of copper supply is poised to almost triple in 2014, and that's driven prices to the lowest in at least three years.
But that could be about to change.
Kim Larsson says the metal has entered into a symmetrical triangle formation and we are getting close to the breakout. He says this could happen by the end of the month and then expect a move to at least the highest peak or the lowest valley of the triangle. In this case around 338 or 319.
RSI indicates the breakout will be bullish.
01:58 minutes
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