Copper trades steadily in range today, showing no immediate signs of a rebound. Near term selloff intensified following last week’s announcement by KoBold Metals, a venture with backing from notable figures including Bill Gates, about the discovery of a substantial copper deposit in Zambia. This revelation has the potential to significantly augment global copper supplies in the years ahead, casting a shadow over the commodity’s near-term price outlook.
Technically, near term outlook will stay bearish as long as 3.7414 resistance holds. Deeper decline would be seen to 3.5021 support. Firm break there will pave the way to retest 2022 low at 3.1314. This bearish development, if realized could drag AUD/USD further towards 2022 low at 0.6169.