Copper prices - Rex/Rex South If we ever find something significant in Rex/Rex South, the sky is the limit.
We think a wholesale commodity rotation is underway in favor of reducing oil longs in exchange for copper longs," Bank of America Technical Strategist Paul Ciana wrote.
He says copper closing above $440 for the week signals a move into the $488 to $500 range. A breakout above that level would be the start of a multi-year upcycle with the potential of reaching $733.
A technical breakout in copper would align with the fundamentals.