IHS Commodity Watch: Is Copper’s 8 Year Bull Market Over?
While copper looks oversold at the moment with a temporary rebound possible, prices are headed even lower over the near-term.
Growing mine production and recent softness in demand have pushed the market into surplus, lifting inventory and undercutting prices.
The liquidity crisis in China’s banking sector and recent statements by the U.S. Federal Reserve regarding the duration of its bond buying program have helped accentuate the market’s new bearish tone and reinforced the downward momentum in prices.
While copper looks oversold at the moment with a temporary rebound possible, prices are headed even lower over the near-term.
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