Brian Stutland said on CNBC’s “Futures Outlook” copper is trading higher on the news of vaccine and the reflation trade. He sees a real demand for copper and before he starts to buy it, he wants to see a trade above the 2017-2018 high. In the next year, the tariffs could be a catalyst for a move higher in copper.
Jeff Kilburg thinks copper looks a little bit exhausted at $3.30 as it seems overbought from the relative strength perspective. Kilburg would be a seller in the short term, looking for a slight consolidation back to $3.25. He thinks copper is going to continue to move higher in the long term as long as the U.S. dollar cooperates.
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