Global X Copper Miners ETF

  • COPX

  • $43

  • +1.50%

  • $42

  • $43

  • $42

Ticker Appearances

Wed, March 13, 2024 | 12:55PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Wed, March 13, 2024 | 12:55PM ET
I wrote about Copper last week along with China, and both have broken out early this week, with Copper making its big move today in pushing up above meaningful downtrends, which should kick start a push back to the high $4's into this Summer. Copper-related names like Freeport McMoran FCX 1.06%  and SCCO 1.04%  are making outsized bullish gains and both are technically attractive as a way to participate in Copper's move along with COPX 1.50%  the Global X Copper ETF.
Tickers
Mon, March 11, 2024 | 3:13PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Mon, March 11, 2024 | 3:13PM ET
Copper prices are flirting with a breakout, and Elliott-wave interpretations of the recent pattern seems to agree that this is a distinct possibility this year. Note, Copper has risen as Chinese Equities have recovered. While part of this recovery might have been on perception alone, any gains over $3.9420 in front month Copper futures would successfully break out of this entire pattern since last Summer. Furthermore, this would be bullish for a move up to the high $4's, targeting $4.75-$5 in COMEX Copper. Technically i am bullish on copper here and this would grow more bullish on a breakout of this consolidation pattern. For non commodity future trading investors, one might look at Global X Copper Miners ETF (COPX 1.50% ) as a possible way to play a breakout which might coincide with the potential of an advance in Copper and/or Freeport McMoran FCX 1.06%  which at $40.43 might rise to the high 40's and/or challenge early 2022 peaks just over $50.
Tickers
Mon, March 11, 2024 | 3:13PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Mon, March 11, 2024 | 3:13PM ET
Copper prices are flirting with a breakout, and Elliott-wave interpretations of the recent pattern seems to agree that this is a distinct possibility this year. Note, Copper has risen as Chinese Equities have recovered. While part of this recovery might have been on perception alone, any gains over $3.9420 in front month Copper futures would successfully break out of this entire pattern since last Summer. Furthermore, this would be bullish for a move up to the high $4's, targeting $4.75-$5 in COMEX Copper. Technically i am bullish on copper here and this would grow more bullish on a breakout of this consolidation pattern. For non commodity future trading investors, one might look at Global X Copper Miners ETF (COPX 1.50% ) as a possible way to play a breakout which might coincide with the potential of an advance in Copper and/or Freeport McMoran FCX 1.06%  which at $40.43 might rise to the high 40's and/or challenge early 2022 peaks just over $50.
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