The monthly Copper MMI® registered a value of 86 in June, an increase of 1.2 percent from 85 in May. The three-month copper price on the LME closed the month of May at $6,905 per ton, not a big move from last month. Lead Forecaster Raul De Frutos still believes copper is in a bear market.
Copper remains in a falling market and unless prices break above $7,500 per ton, price moves should be considered as nothing more than normal fluctuations within an overall downtrend. We wouldn’t suggest taking long-term positions as we might see copper recording new lows through the rest of the year.