Copper breakout: This time for real?

Technical Analysis

Author: Adam Button | copper

Is the consolidation over?

Look at the title of this new report from Goldman Sachs. That's the kind of thing to get anyone's attention:

Goldman Sachs note on copper

"Without a surge in the use of copper and other key metals, the substitution of renewables for oil will not happen," they write.

Copper is certainly surging today, up 2% to the best levels since March 3.

Last week, copper looked like it was breaking out a wedge consolidation but China clamping down erased the break.

copper chart

Now it has taken a second run and broken the mid-March high.

Combined with the moves in other commodities, commodity currencies and equities, this time it looks like it's for real.

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