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CPER - Breakdown In Copper: Expect More Downside Amid Poor Sentiment
United States Copper Index Fund ETV
Copper prices just posted the lowest weekly close going back to 2017 at $2.56 per pound. On one hand, while the price is only down 4% year to date, the latest developments with an escalation of the U.S.-China trade dispute are significant enough to warrant a bearish outlook.
Prices are now down 15% from their 2019 high reached in March, and more significantly down 24% from the highs of 2018 around $3.30. Copper is clearly in a bear market, which depending on how you define one, has been ongoing since 2011. A near-term break below