Baxia Markets
October 27, 2021

Copper price retreats amid China demands

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Bitcoin's price regression from the $60,000 level was dubbed the "second leg" of what appeared to be a long-term bull market by PlanB, the author of the popular Bitcoin Stock-to-Flow (S2F) model. The anonymous expert referenced S2F, which predicts Bitcoin will continue on its upward trajectory and reach $100,000 to $135,000 by the end of the year. Following a 53 percent rise in October, Bitcoin reached a new all-time high of about $67,000 last week. However, traders were forced to take profits as a result of the new highs, resulting in retests of the $60,000 support level.




Copper prices have been maintained by low stockpiles, which reached a five-month high of $10,452.50 a week ago, but Chinese research house Antaike predicted that more material will become available soon. On-warrant copper stockpiles at LME warehouses MCUSTX-TOTAL increased for the sixth straight session to 27,100 tonnes, up from a 1998 low of 14,150 tonnes on Oct. 14. However, they are still down 84 percent in the last two months. When all of these considerations are considered, the copper price may remain stable and at this level for the foreseeable future.



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