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AI predicts Copper price for May 1, 2024

AI predicts Copper price for May 1, 2024

The price of copper has steadily climbed, in sync with the precious metals market’s prolonged influx of capital.

Investors in the metal are eyeing the possibility of reaching its all-time high previously achieved in 2022, nearly hitting the $5 mark. 

Currently, copper is trading at $4.56 per pound, marking a 1.25% increase from the previous day’s price, and a significant 17.56% surge since the beginning of the year.

Copper price chart. Source: Economies

Copper price catalysts 

Copper prices are on a sharp rise due to anticipated supply shortages and robust demand, especially from sectors like electric vehicles and emerging technologies

Geopolitical risks, such as political instability and supply chain disruptions, further compound concerns about long-term copper supply. Indeed, the rise comes as tensions in the Middle East between Israel and Iran seem to be cooling off. 

At the same time, specific regions are also driving demand, with India’s manufacturing growth attracting investments from global players and infrastructure upgrades expected to spur rapid increases in copper.

Additionally, the increasing adoption of artificial intelligence (AI) is fueling demand for data center capacity and power, with significant companies transitioning to full-scale AI implementation in supply chains.

Copper AI price prediction 

To provide insights into the future trajectory of copper prices, OpenAI’s ChatGPT tool projected a potential value of $5.32 on May 1, 2024. However, the AI tool cautioned that market demand, geopolitical events, and economic conditions may influence this projection.

Copper AI price prediction. Source: ChatGPT

Similarly, the Gemini generative AI from Alphabet (NASDAQ: GOOGL) suggested minimal movement for the metal, foreseeing the price remaining in the $4.54 per pound zone by May 1.

Copper AI price prediction. Source: Google Gemini

Copper price analysis

Copper prices are trading sideways around the $4.5 level, contending with intraday negative pressures while endeavoring to uphold the bullish trajectory. 

The stability within the bullish channel and support near the $4.29 level bolster the bullish outlook. Based on recent movements, copper faces the potential for additional gains, with resistance at $4.67.

Technical indicators from TradingView remain bullish for copper, with a summary suggesting a ‘strong buy’ sentiment for gauges at 16 and moving averages at 14. Oscillators recommend ‘buy’ at 2.

Copper technical analysis. Source: TradingView

Overall, maintaining bullish momentum hinges on certain support levels at $4.50 and favorable positive momentum indicators.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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