Dr. Copper eyes $4.00 a pound in 2021

Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won’t come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.

(Kitco News) – It’s been said the copper market can lead price trends in other markets due to the metal being such an important gauge of global economic health. Thus the nickname, “Dr. Copper.” The Comex copper futures market in late 2020 hit a nearly eight-year high of $3.6340 a pound. That’s a big gain from the March 2020 low of $2.0595, basis nearby futures.

Copper prices are presently in a very steep uptrend on the longer-term charts, to suggest 2021 will see more price appreciation for the red industrial metal. The next upside price target for the very powerful copper market bulls is major psychological resistance at $4.00 a pound. That price level is achievable when examining price action of the past 50 years. The all-time high in copper futures is $4.6495, scored in February of 2011.