2022 proved a volatile year for copper prices as the industry battled a host of problems including political unrest in producers Chile and Peru and a zero-covid policy in importer China
Looking at 2022 copper price trends, the market was nearly as volatile as metals like nickel and aluminum. Currently, copper prices are attempting to break prior highs but have yet to get there. As copper taps into short-term resistance levels, the possibility of a pullback in price appears more and more likely. Meanwhile, the copper market environment is growing volatile, and intraday price action remains unclear.
That said, March arrived and brought a jump in prices with it. Prices rallied on March 7 before dropping down again on March 15. This volatility later proved to be the result of the various macroeconomic factors in Chile and the Fed announcing a March interest rate hike.Copper continued within a sideways range in April, but moved more than in Q1. April 1 saw a 3.5% rise in the copper price. Meanwhile, the Fed proved firm in its stance on raising interest rates to cool off inflation.
Copper prices saw notable increases in the lead-up to August. There were also several bullish indicators of note, including higher short-term highs.
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