Why Our 2014 Copper Price Forecast Is Bearish

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Copper_Chart_January-2014_FNL

MetalMiner’s monthly Copper MMI® was the best performing of the metal price index series this month, registering a value of 92 in January, an increase of 3.4 percent from 89 in December.

Compare with last month’s trends – here’s our free December MMI® Report.

The LME 3-month price of primary went up 4.9 percent, from $7,029 to $7,370 per metric ton. Copper moved up after meeting support levels at the end of November, drawing a modest uptrend since June.

LME-copper-prices-2013

However, looking at the long-term picture, so far we just see this mid-term uptrend as a retracing of the overall falling trend:

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