HGU11 – September Copper (Last:4.4065)

September Copper (HGU11) price chart with targetsSeptember Copper appears to be consolidating above a 4.3825 Hidden Pivot midpoint for a possible moon shot to 4.8925.  Some savvy observers of the global investment scene evidently believe that the strength in this metal presages an upswing in the global economy, particularly in China, but we’re not so sure ourselves.  Perhaps it is just hedging against further weakness in the dollar?  In any event, the technical case for significantly higher prices looks compelling, especially considering that the recent peak at 4.4565 exceeded April 21’s “external” high by a few ticks.