Copper left the global price channel of $2,560-2,830 in the second half of February. After breaking through the strong resistance zone of $2,830-2,880, bulls tried to get even higher, but found difficulties just below the psychological mark of $3,000. After the retest of the upper boundary of the global price channel, copper is trading now in the range of $2,880-2,970. However, the asset has every chance for further growth. After completion of consolidation, buyers can easily overcome $3,000 and rush to $3,300.
Trend can be pushed by the increased interest from China - the main copper consumer. The country is expanding its copper smelting capacity, which means there is a clear shortage of metal. The demand for foreign concentrate and its imports increased in the first two months of the year. According to PRC customs, China imported 1.93 million tons of copper concentrate in February, 1.6% more than in January, and 32.5% more than in February 2018. In the first two months of this year, imports grew by 24.3% yoy (to 3.82 million tons).