In a May 7 Barchart article, I asked if Copper was heading for a new record high. The nearby July COMEX futures price was at the $4.6255 level on May 6, and the bullish trend threatened to challenge the March 2022 $5.01 high. I highlighted that the technical trend, climate change initiatives, and production struggling to keep up with the rising demand presented a compelling bullish case for copper.
Copper’s correction from its most recent high has not negated the long-term bullish trend. The odds continue to favor even higher highs over the coming months.
