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Copper May Top Year High in Second Half, Samsung Says: Technical Analysis
Aug. 17 (Bloomberg) –-
Copper, which jumped 12 percent in July, may exceed this year’s closing high of $7,990 a metric ton in the second half, according to Samsung Securities Co.
The metal for three-month delivery in London has shown an uptrend, a pattern of higher peaks and higher valleys, since early June, said You Seung Min, a technical analyst at Seoul- based Samsung Securities. The price confirmed the trend by breaking resistance levels of $6,920 and $7,160 in late July, he said in an interview Aug. 17.
'Copper moved above the 50-day moving average in July and broke the two resistance levels,” You said by phone. “So, I can say it’s on an uptrend, and it is highly likely that the price may reach this year’s closing high in the second half.”
Copper declined 0.2 percent to $7,370 a ton on the London Metal Exchange at 1:02 p.m. Seoul time. The price ended at $7,990 on April 6, the highest level since July 31, 2008. The metal is little changed this year.
"The upward trend line is easing some concerns about a head-and-shoulders pattern,” You said. “There’s not much of a gap between the current price and this year’s high.”
Copper, used in pipes, tubes and wires, faces a “deepening supply crunch” and record prices are highly likely in the next two years, Barclays Capital said in a report July 27.
In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index. The head-and-shoulders pattern resembles a human head and shoulders and may indicate the reversal of a trend.
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