Jefferies Forecasts Copper Peak at $8 per Pound in 2030-2031

The news presents a long-term bullish outlook for copper, with a price target well above current levels. Technical indicators, however, paint a neutral picture in the short term: the RSI is just above 50, the MACD is below zero but approaching its signal line, and the SMA20 remains below the SMA50, indicating weak short-term momentum. The positive impact of the news may be limited by the weakness in the technical picture. Therefore, a slight upward movement can be expected in the short term, but strong technical support is needed for a significant rally.

FCX shares have fallen 10.8% in the last 24 hours, with the RSI entering oversold territory at 28.5. The MACD line is below the signal line and in negative territory, indicating weak short-term momentum. Trading below the 20- and 50-day moving averages further darkens the technical outlook. While Jefferies' copper price forecast for 2030-2031 is positive in the long term, it may not be enough to halt the current selling pressure in the short term. Therefore, the downtrend is expected to continue in the near term.

SCCO shares fell 13.7% in the last 24 hours to $172.97, with the RSI dropping to 24, entering oversold territory. The MACD line remains below the signal line and in negative territory, indicating weak short-term momentum. While a headline from Jefferies forecasts a copper peak in 2030-2031, offering a positive long-term outlook, it appears insufficient as a catalyst to lift prices in the near term. Although technical indicators signal oversold conditions, the downtrend has not yet been broken, so downward pressure may persist in the short term. Investors should monitor support at the $170 level and watch for the RSI to rise above 30 as a potential sign of recovery.

The news presents a positive long-term outlook for copper prices, which is supportive for mining companies such as RIO. However, the stock has declined approximately 10% in the last 24 hours, with the RSI at 22, indicating oversold territory. While technical indicators are weak in the short term, oversold conditions and positive news could trigger a rebound rally. The MACD continues to give a sell signal, so the upside may remain limited.