Chile Cuts Copper Production Forecast Again

Chile's reduction of its copper production forecast has heightened supply concerns, potentially supporting prices. Although technical indicators present mixed signals, the RSI at 46 is in neutral territory, while the MACD above zero points to weak positive momentum. The price is just below the SMA20 but above the SMA50, indicating medium-term support. In the short term, the news flow and expectations of supply disruptions could push prices higher. However, the strength of the rally may be limited, as the overall trend has yet to signal a strong buy.

Chile's reduction of its copper production forecast could create expectations of tighter supply, potentially supporting copper prices and positively impacting FCX shares. Technically, the RSI at 44.8 is in neutral territory, and while the MACD is below the signal line, the price is slightly below the 20-day SMA but above the 50-day SMA, indicating a sideways outlook in the near term. Despite positive news flow, current momentum is weak, so any upside is expected to be limited. Therefore, a slight upward movement is possible in the short term, but for a stronger signal, the price needs to reclaim the 20-day SMA.

Chile's reduction of its copper production forecast could heighten supply concerns, supporting copper prices and positively impacting copper producers such as SCCO. Technically, the RSI at 41 is in neutral territory, and the MACD is below the signal line but positive, indicating weak short-term recovery potential. The price is below the SMA20 and near the SMA50; with support at this level, an upward move driven by the news is possible. However, momentum is not yet strong, so the upside is expected to be limited.

Chile's reduction of its copper production forecast could exert upward pressure on copper prices, potentially benefiting mining companies such as BHP. Technically, the price is just below the 20-day moving average but above the 50-day average, indicating a solid medium-term trend. The RSI at 53 is in neutral territory, while the MACD, although below the signal line, remains in positive territory, suggesting weak short-term momentum. The news flow and supportive technical structure offer limited upside potential in the near term, but the price needs to break through the $90 resistance level.