Airbus share price moved sideways as investors assessed the impact of last week’s recall of its most important jet. AIR was trading at €204, down by 5.35% from its highest point this year. So, will the Airbus A320 recall crash the stock?

Airbus A320 recall

The main catalyst for the Airbus stock price is a major recall of the popular A320 model last week. In a statement, the company ordered over 6,000 A320 planes to make a software upgrade to fix an error of intense solar radiation, which had the ability to corrupt data critical to the functioning of flight controls.

The crisis started when a JetBlue plane experienced an uncommanded and limited pitch-down event. Fortunately, no customer was hurt and the plane landed in a nearby airport.

This recall happened in one of the worst periods, especially in the United States, as millions of people traveled for the Thanksgiving holiday.

Still, the recall will likely have no major impact on Airbus and its operations. For one, reports show that many airlines have conducted the upgrades and restarted flying. In a statement, American Airlines said that all aircraft impacted by the issue have now been fixed.

Other airlines have also reported the fix, with the most notable ones being Air India, Jetstar, and Virgin Australia.

Additionally, historically, product recalls, especially such limited ones, have a limited impact on companies.

Airbus business is doing well 

The new crisis at Airbus came as its business is facing several key headwinds, which it revealed in the last financial results.

The company said that its order intake plunged by 20.7% in the first nine months of the year to 514, while its orderbook slipped by 1% to 8,665.

Its helicopter and defense businesses also had lower order books than in the same period last year. The defense orders dropped by 38.4% to 6,753, while its helicopter orders fell by 0.6% to 306.

Still, despite this, its huge backlog helped to ensure that its revenue growth was relatively strong, with the revenue figure moving from €44.4 billion in the first nine months of 2024 to €47.4 billion. It also secured big orders at the Dubai Airshow.

Most of this revenue was from the Airbus brand, which accounts for 70% of sales. It made €33.4 billion in revenues, with its adjusted EBIT rising to €3.2 billion.

Airbus also grew its profitability, with the adjusted EBIT coming in at €4.1 billion from the €2.8 billion it made in the same period last year. One reason for this growth is that the company reduced some of its costs, with R&D budget falling from €2.4 billion to €2.1 billion.

The company is facing some notable headwinds, including the fact that Boeing starting to regain its market share, helped by 737, 777x and 787 Dreamliner.

Airbus share price technical analysis 

Airbus stock chart | Source: TradingView

The daily timeframe chart shows that the Airbus stock price has been in an uptrend this year as investors reacted to its robust demand and improvement in its supply chain issues.

Airbus stock has rebounded from the year-to-date low of €123.62 in April to the current €204. 

While the stock has pulled back recently, it remains above the 100-day Exponential Moving Average (EMA). It has also formed a bullish flag pattern, which is made up of a vertical line and a descending channel.

The stock seems to be forming a double-top pattern whose upper side is at €217, and the neckline is at €200. 

Therefore, the stock will likely continue rising as bulls target the upper side of the double-top pattern at €217. A move above that level will point to more gains, potentially to €250. 

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Silver price rallied to a fresh all-time high on Friday as a slump in Chinese inventories heightened supply concerns. This comes a few weeks after the recent silver squeeze in London that pushed prices to the record high hit in late October. 

Besides, bets on a 25-basis-point rate cut during the Fed’s December meeting have favoured the white metal. At the time of writing, silver price was trading at an all-time high of $55.52.

Slump in Chinese inventories heightens supply concerns

Silver price has hit a fresh all-time high as the market digests the slump in Chinese inventories. Recent data shows that silver stockpiles at warehouses linked to the Shanghai Futures Exchange hit the lowest level since 2015. This follows the large shipments directed to London to ease the silver squeeze that bolstered prices to a fresh record high.  

At the same time, volumes at the Shanghai Gold Exchange hit an over 9-year low. This is after the record export of 660 metric tonnes in October. 

In addition to China’s move to back up London stockpiles, industrial demand from the key importer and consumer of the white metal has continued to support prices. 

On the one hand, its industrial profits plummeted in October by 5.5% YoY. Besides, its growth momentum slowed in Q3’25, with the economy expanding by 4.8%. However, it remains on track to hit its growth target of 5% this year. Besides, policymakers are considering fresh stimulus measures aimed at boosting domestic demand.

Silver prices have also been bolstered by the dramatic surge in Chinese solar installations. Data from the country’s National Energy Administration (NEA) showed that an additional solar capacity of 12.6 gigawatts was installed in October. The figure is 30% higher than the previous month. At that pace, 2025 solar installations are expected to match 2024’s record annual increase of 277 gigawatts. 

Additionally, increased bets on another Fed interest rate cut before the end of the year have continued to support silver price. Despite the differing opinions among the central bank’s officials, investors appear to lean towards the dovish sentiment that the US labor market is weak enough to warrant a rate reduction in December. 

Similar to other precious metals, silver price tends to thrive in an environment of lower interest rates. Besides, US dollar has had its recent gains curbed by the persistent economic uncertainties, an aspect that has further boosted the white metal’s safe-haven appeal.

Silver price technical analysis

Silver price is set to record a weekly gain, having traded in the green for four out of the week’s five trading sessions. On Friday, it extended gains from the previous session, hitting and surpassing the arch of the recently formed double top pattern to hit a fresh all-time high.

In the short term, the bulls will strive to hit $56. Extrapolating from the current RSI of 68, the rallying may push it into the overbought territory. With the subsequent pullback, $50 will be a support level worth watching. 

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Tilray stock price has attempted to rebound this week as it rose in the last three consecutive days. It rose to a high of $1.03 in New York, up from this month’s low of $0.8740. This article explores some of the top reasons why the TLRY shares have more downside.

Tilray stock is at risk as Trump’s cannabis reclassification odds fall

The main reason why the TLRY share price surged since June was that Donald Trump announced that he was considering rescheduling cannabis into a less dangerous category. At some point, he hinted that he was about to make that decision.

However, Trump has not mentioned anything about reclassification in the past few months. And, traders now believe that it may not happen. A Kalshi poll found out that odds of this rescheduling happening this year have dived to 6% from 40% in September. 

Similarly, odds of the rescheduling happening in 2026 have dropped from nearly 80% in August to 55% today. 

Trump has likely remained muted on the issue after finding pushback from his fellow Republicans. Therefore, the Tilray stock price will likely remain under pressure that long this decision takes.

Read more: Here’s why the Tilray stock price has crashed and what next

Alcohol beverage growth has stalled 

Tilray Brands has been diversifying its business in the past few years as the management discovered the risks of focusing on the cannabis industry.

It has diversified its business by making large acquisitions in the alcoholic beverage industry. It bought a few brands from AB inBev in 2023, and added more from Molson Coors last year.

The most recent results showed that the company’s beverage business was not having substantial growth as was previously expected. Its beverage revenue came in at $55.7 million in the last quarter from the $56 million it made in the same period last year.

Its gross margin also dropped from 41% to 38%, meaning that its profitability prospects are at risk.

A closer look at the alcoholic beverage industry shows that it is not doing well as it used to in the past as consumption growth slowly. Boston Beer shares have dived by 38% in the last 12 months, while Molson Coors have dropped by 20% in the same period.

The other parts of Tilray’s business are having mixed performance. Its cannabis net revenue rose by 5% in the last quarter to $64.5 million, while the wellness and distribution rose modestly to $15.2 million and $74 million, respectively.

Tilray stock price technicals point to more downside 

TLRY stock chart | Source: TradingView

Meanwhile, the company’s technicals suggest that it has more downside to go in the coming weeks or months, barring an important announcement from the company or Trump.

The daily chart shows that the stock has crashed from the year-to-date high of $2.32 in October to $1 today. 

It remains below the important level at $1.55, the highest level on August 27. It moved below all moving averages and the Supertrend indicator remains in the red.

The recent rebound is also not all that strong and is showing signs that it is a dead-cat bounce. A DCB happens when an asset in a freefall rebounds temporarily and then resumes the downtrend.

Therefore, the stock will likely continue falling, potentially to the next key support level at $0.8740, its lowest level this week. A move below that level will point to more downside.

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The crude oil market was rather muted on Thursday due to the US Thanksgiving celebrations. However, USO ETF extended its previous gains, having bounced off its one-month low. Beyond the holiday-triggered drop in participation, the market is reacting to mixed signals. From hopes of a peace plan to end the Russia-Ukraine war to the OPEC+ meeting and improved risk sentiment, investors are taking it all in.

Crude oil prices respond to differing market drivers

On the one hand, the improved risk sentiment has offered steady support to crude oil prices; holding WTI futures above $61 a barrel despite the recent pullback. The fear & greed index indicates that investors remain cautious of the health of top economies. 

Indeed, fear remains the key emotion in the broader financial markets. However, it has improved from last week’s extreme fear of 7 to 18 on Thursday. With the improved risk sentiment, Dow Jones and the tech-heavy Nasdaq 100 index extended gains to a two-week high as the US stock market recovers from the AI sell-off. At the same time, gold price eased on its rebound despite heightened bets on a 25-basis-point rate cut by the Fed before the year ends.   

Nonetheless, hopes that a peace deal to end the Russia-Ukraine war will go through have curbed crude oil price gains. On Thursday, President Putin asserted that the draft peace plan discussed by Ukraine and the United States could form the basis of a future agreement to end the prolonged war. 

As investors eye the progress of the peace talks, the risk premium priced in the crude oil prices appears to have lessened. This is based on the expectations of eased US sanctions on Russian exports. 

Russia is the third-largest oil producer in the world after Saudi Arabia and the United States. The free flow of the country’s supply to a market that is already concerned about oversupply is set to exert significant pressure on crude oil prices. 

Amid the price vulnerability, investors are keen on the OPEC+ meeting slated for the weekend. The group is expected to maintain the current output levels in reaction to the heightened oversupply concerns.

USO oil price technical analysis

The USO ETF edged higher on Thursday after dropping to a one-month low in the previous session. Even with the pullback, the bulls successfully defended the support at $68, which has been steady since late October. 

The ETF is now trading sideways as the Thanksgiving celebrations lessen market participation. Beyond the holiday, the market is also eyeing the OPEC+ meeting on Sunday and the direction of the peace plan to end the Russia-Ukraine war. As such, USO oil price will likely remain range-bound in the ensuing sessions.

More specifically, the range between $68.93 and $71.60 will be worth watching. This thesis will be valid for as long as the prices hold steady above the crucial support of $68.

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The Nikkei 225 Index held steady above ¥50,000 after Japan published strong retail sales data and as the yen continued softening. It also reacted to the latest Tokyo CPI numbers and the growing tensions between Japan and China. So, does the stock have any upside?

Nikkei 225 Index steady as Japan retail sales rise 

The Nikkei 225 Index, which tracks the biggest companies in Japan, is holding steady near its all-time high, even as Softbank, one of its biggest companies, remain under pressure after falling by 9% from its highest level this year.

The index remained above the key resistance level at ¥50,000 after the statistics agency published strong retail sales data. According to the statistics agency, retail sales rose from 0.0% in September to 1.6% in October. 

This growth translated to an annual increase of 1.7%, a trend that may continue as the country prepares to implement a major stimulus package under Sanae Takaichi, the new prime minister.

The report also showed that the country’s industrial production rose by 1.4% in October, higher than the median estimate of 0.7%. Similarly, the labor market continued to do well, with the unemployment rate remaining at 2.6%.

However, the report also showed that Tokyo’s core inflation continued rising in October, moving to an annual level of 2.8%. Its headline Consumer Price Index moved to 2.7% from the previous 2.8%.

These numbers mean that Japan’s inflation is slightly above the BoJ’s target of 2.0%, and is a sign that the bank will continue hiking interest rates this year. 

In a statement on Thursday, Asahi Noguchi, a BoJ official, said he supported gradual interest rate cuts. He argued that maintaining interest rate too low for so long would have a detrimental impact on the economy.

Other BoJ officials, including Kazuo Ueda, have hinted that the bank will start hiking interest rates as soon as in December. 

In theory, Japan stocks would underperform as the bank starts hiking interest rates as that would draw more money to the bond market. Indeed, data shows that foreigners dumped stocks worth £348 billion and bought bonds worth ¥576 billion.

A BoJ rate hike, coming at a time when the Federal Reserve is considering cutting, may help to boost the Japanese yen, which has plunged in the past few weeks.

Japan and China tensions

The Nikkei 225 Index also held steady as Donald Trump pushed Takaichi to avoid further escalation.

This crisis started when Takaichi warned Beijing against invading Taiwan, which pushed China to issue travel advisories, economic measures, and international lobbying.

In a phone call with Takaichi, Donald Trump urged her to avoid further escalation as he tries to mend his relationship with Beijing.

Therefore, the ongoing Nikkei 225 Index performance is a sign that investors believe that the ongoing conflict will not have a lasting impact on Japan and its companies.

Nikkei 225 Index technical analysis

The daily timeframe chart shows that the Nikkei 225 Index has been in a strong uptrend in the past few months. It has jumped from a low of ¥30,885, its lowest level in April.

The stock has remained above the 50-day and 100-day Exponential Moving Averages (EMA) and the ascending trendline, its lowest swings since August.

There are signs that the Nikkei 225 Index stock is slowly forming a double-top pattern at ¥52,627, its highest point this year. This means that it will rebound by 5% from the current level. A move above that level will point to more gains, potentially to the psychological level at ¥53,000.

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The crypto market remained in a consolidation phase on Friday as the recent bull run ran out of steam on Thanksgiving Day. Bitcoin was stuck at $90,000, while the market capitalization of the industry dropped slightly to $3.1 trillion. This article provides forecasts for some top coins like Pi Network (PI), Monero (XMR), and Shiba Inu (SHIB).

Pi Network price prediction 

Pi Network price has done relatively well in the past few days, making it one of the top gainers in the crypto industry. It has soared by almost 70% from its lowest level this year.

Pi Coin has risen because of the recent announcement on the CiDi investment, which gives it a major edge in the gaming industry.

This investment came a few weeks after the network made a major investment in OpenMind, a company in the robotics and the artificial intelligence industries.

At the same time, there is an expectation that Pi Network will receive a MiCA approval after it published a white paper on the same.

The four-hour chart shows that the Pi Network price has been in an uptrend in the past few weeks, moving from $0.2022 earlier this month to a high of $0.2826.

Pi Coin price has moved above the 50-period and 50-period Exponential Moving Averages (EMA), a sign that bulls are holding steady. 

However, the token has now formed an evening star candle, pointing to a reversal. This explains why it moved downwards on Friday.

Therefore, the most likely scenario is where the token retreats a bit, potentially to the key support level at $0.2500, an important psychological level. 

It will then resume the uptrend, and possibly move to the key level at $0.2935, its highest level in October this year. A surge above that level will point to more gains to the psychological level at $0.50.

Monero price technical analysis 

Monero price has done well in the past few months as demand for privacy tokens jumped amid the Zcash rally.

The XMR price jumped from a low of $232 in August to the current $410. This rally continued this week after Grayscale announced that it would transition its trust for institutional investors into an ETF available to all investors.

Monero price is rising as hopes that exchanges will relist it as they have done with other privacy tokens. For example, OKX relisted Dash this week, a move that will make it available to more users.

Monero and other privacy tokens were delisted by most exchanges amid regulatory concerns.

The daily timeframe chart shows that the XMR price has been in a strong uptrend. It has moved above the important resistance level at $355, its highest level in July this year.

It has moved above all moving averages and is now hovering near the key resistance level at $418, its highest point on May 26. Therefore, the most likely scenario is where it continues rising, with the next target being at $470.

Shiba Inu price technicals points to more downside 

SHIB price has been in a strong sell-off this year as whales continued selling their tokens and as demand for meme coins waned.

Along the way, the token has formed a descending triangle pattern, which is a common bearish continuation sign.

Shiba Inu price has now moved below the lower side of the triangle pattern at $0.00001010. It has also moved below the 50-day Exponential Moving Average, while the MACD indicator has moved below the zero line.

Therefore, the most likely SHIB price forecast is bearish, with the next key support level being at $0.000050. This view will be confirmed if it moves below the key support at $0.0000075.

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Boohoo share price went parabolic on Thursday, its best trading day in years. The 57% surge after the company published encouraging financial results and after a rare bullish pattern concluded. It rose to a high of 18.30p, its highest point since July this year.

Boohoo share price soars as turnaround continues

Boohoo Group stock price soared as the company continued executing its turnaround strategy. In a report released on Thursday, the company announced that it continued growing in its first half of the year. 

The results revealed that its loss narrowed substantially in this period even as the revenue and GMV slipped. Boohoo Group’s statutory loss after tax moved to £3.4 million from the previous £126.7 million. 

Boohoo Group’s GMV dropped by 19% to £630 million, with most of this coming from the Debenhams brand, which it acquired from bankruptcy five years ago. Its youth brands and Karen Millen GMV slowed to £258 million and £54 million, respectively. 

Consequently, the company’s revenue dropped in this period came in at £296 million, down by 23% from the same period last year. This revenue decline was better than expected.

READ MORE: What’s going on with the stalling Boohoo share price?

Most importantly, the company noted that all its brands were now profitable on an adjusted EBITDA basis. The management is now working to ensure sustainable profitability over time.

Additionally, the company continued to reduce its costs and its inventories. Total costs dropped by £160 million from £292 million, and the management sees the figure moving to £100 million. It did this by cutting jobs and implementing other strategies.

It also brought its inventory by 35% to £67.9 million. Falling inventory is always a good thing for retailers as it means that customers are buying and that its pricing power is improving. A retailer with elevated inventories is often a sign that they will reduce prices over time.

Boohoo Group is also improving its balance sheet, with its net debt moving to £111 million from £145 million in the same period last year. 

Good progress, but long way to go

Boohoo Group has made a lot of progress in the past few months. However, as the management noted, this will be a long process as the company faces some major headwinds. The CEO said:

“This is a multi-year journey, and we have a clear plan and the right model in place. We are transforming into a lean, tech-enabled, best in class online platform business. The momentum we have built in the first half sets us up well for the remainder of FY26.”

The company’s main benefit is that it runs some of the best-known brands in the UK. Debenhams, which it acquired from bankruptcy, is already its best-performer, a sign that it paid a bargain price for it. 

However, some potential risks remain, including the rising competition in the fast-fashion industry and the situation in the UK economy, where Chancellor Rachel Reeves boosted taxes.

DEBS stock price technical analysis

Boohoo share price chart | Source: TradingView

The daily timeline chart shows that the Debenhams stock price has been in a bear market this year. It formed a falling wedge pattern whose two lines are nearing their confluence. 

The stock also formed a double-bottom pattern at 11.30p. Like the wedge, this pattern also often leads to more upside. It has moved above the 50-day and 100-day Exponential Moving Averages.

Therefore, after coming under pressure for years, there is a likelihood that it will continue rising as bulls target the key resistance at 24.55. This target is its highest point on June 3 and is about 35% above the current level. A move below the support at 15p will invalidate the bullish outlook.

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The Zimbabwean ZiG currency has remained in a tight range this week as investors reacted to the new announcement by the government. The USD/ZWG exchange rate was trading at 26.19, where it has remained this year.

Zimbabwe pledges not to abandon the US dollar 

The Zimbabwe ZiG currency was unchanged after President Mnangagwa announced that the country would not abandon the US dollar fully as previously planned.

While the currency will be used for domestic transactions, dollar-based assets like bonds and stocks will not need to be converted into ZiG.

This announcement happened as the use is the ZiG has continued growing in popularity in the past few months. Data shows that the currency is now used in about 40% of the transactions, with the rest being in US dollars. A year ago, the dollar accounted for over 80% of transactions.

The Zimbabwe ZiG currency also held steady after the government said that it would introduce a new royalty structure for gold mining companies as it seeks to benefit from the soaring price.

In a statement, Mthuli Ncube, the Finance Minister, noted that starting from January, that the royalty will be tied to the price level or price category. He hopes that the government will start sharing gold’s upside in the long term.

The new approach will see the government take a 3% royalty on gold mined if the price is between $0 and $1,200. Its royalty will be 5% if the price is between $1,201 and $2,500. The royalty will jump to 10% when the price moves above $2,500.

These measures will benefit the Zimbabwean ZiG because it is backed by both gold and foreign currencies, especially the US dollar. Its reserves have jumped this year as the country has mined more gold as the price has soared.

Meanwhile, the government plans to boost spending to boost an economy that is showing signs of strengthening. The expectation is that its expenditure will jump to ZWG 290 billion, which is equivalent to $11 billion in 2026.

What is the future of the Zimbabwe ZiG?

Zimbabwe’s Central Bank launched the ZiG in April last year in its sixth attempt to create a stable currency. The main difference with the other currencies is that it is backed by gold and the US dollar.

The currency had a weak uptake among Zimbabweans shortly after its launch as concerns about its future remained. 

At the time, the spread between the official and the black market rates soared. As a result, the bank decided to devalue it by 43% in September, a move intended to bridge the gap between the official and the black market rates.

Zimbabwe now plans to make the ZiG the main currency in the country by 2030, a time when the government believes it will have accumulated adequate reserves to back it up. In a statement, the deputy central bank governor said:

“We have enough foreign currency reserves that will be able to cover the next three to six months. By 2030, all things being equal, we will have enough foreign currency reserves to transition to a mono-currency.”

Still, many Zimbabweans have doubts on the sustainability of the ZiG because of their past experiences, when local currencies imploded because of money-printing by the government.

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The USD/CHF exchange rate has remained in a narrow range in the past few months as investors watched trade relations between Switzerland and the United States. It has remained inside the support of 0.7865 and the resistance at 0.8152. So, what’s next for the Swiss franc?

Franc steady after the US and Switzerland deal 

The USD/CHF exchange rate remained in a tight range in the past few months as the trade relations between the United States and Switzerland evolved. 

The crisis between the two countries culminated in a deal that was announced earlier this month. In a statement, Jamierson Greer announced that the US and Switzerland reached an agreement that lowered tariffs on most items from 39% to 15%.

In exchange, Switzerland and Liechtenstein companies agreed to invest $200 billion in the United States in the next five years. $67 billion of these funds will be invested in the coming year.

A report released on Friday showed how the trade war impacted the Swiss economy. In a report, the country’s statistics agency noted that the economy shrank by 0.5% in Q3 after expanding by 0.2% in the previous quarter. This contraction was better than the median estimate of 0.4% and was the first one since the pandemic.

The economy expanded by 0.8% on a YoY basis, much lower than the second quarter’s growth of 1.5%. Most of this slowdown was mostly because of the relatively weak exports to the United States.

Negative Swiss interest rates 

The USD/CHF exchange rate remained in this range as the Swiss inflation continued falling.

Data compiled by the statistics agency showed that the country’s inflation has remained so low this year. The most recent report revealed that October’s inflation dropped to 0.10% on a YoY basis and minus 0.25% on a MoM basis. That is a sign that the country has now moved into a deflation period.

As a result, there is a likelihood that the Swiss National Bank (SNB), will continue cutting interest rates and moves them below zero. In a recent statement, Martin Schlegel, the bank’s head said that negative rates would go negative if needed. A Bloomberg analyst said:

“The central bank appears ready to live with a stronger franc, relying instead on targeted foreign-exchange interventions and enhanced communication to anchor market expectations.”

USD/CHF technical analysis 

The daily timeframe chart shows that the USD/CHF exchange rate dropped from the year-to-date high of 0.9200 in February to a low of 0.7865 in September.

It has remained in a narrow range as investors waited for the next catalyst, which will be the Federal Reserve and SNB interest rate decisions.

The pair has remained slightly above the 50-day Exponential Moving Average (EMA). It has formed a bearish flag pattern, which is a common bearish sign.

Therefore, the pair will likely remain in this range in the near term and then have a bearish breakdown. More downside will be confirmed if it moves below the key support at 0.7865. A move below that level will point to more downside, potentially to the psychological level at 0.7800.

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Comex copper price edged higher on Tuesday but stayed range-bound. As a barometer for the global economic health, its recent price movements mirror the persistent economic uncertainties in the financial markets. Indeed, fear remains the key emotion driving the markets at an extreme fear level of 13. 

Nonetheless, supply tightness and expectations of a rate cut during the Fed’s December meeting continue to support prices. In fact, these bullish drivers offer the bulls a chance to fuel a breakout to retest October’s high.

Demand/supply imbalance sets stage for copper price

Copper price has found support in rising bets that the Federal Reserve will cut interest rates during its December meeting. While the central bank’s officials hold differing opinions, signs of a slowing labor market and elevated inflation are fueling the expectations of a dovish Fed. 

The optimism has been particularly bolstered by Federal Reserve Governor Christopher Waller, who has stated that the US job market is slow enough to warrant a 25 basis point rate cut in December. However, he was quick to add that the appropriate action beyond that depends on the upcoming data. Notably, an environment of lower interest rates tends to benefit copper and other industrial metals.

At the same time, supply tightness continues to offer steady support to the red metal. From the wave of disruptions in major mines to China’s expansion of its processing capacity, a supply deficit is expected as soon as the current year. In fact, the 3-month spread skyrocketed to a 5-week high at over $20 per metric ton. This is an indication that buyers are parting with more cash for immediate supplies.  

The brewing supply/demand imbalance sets the stage for higher copper prices into the coming year. In its updated forecast, UBS now expects copper price to reach $11,500 per metric ton by March 2026; an increase from its previous projections of $750. It has also made upward adjustments to its June and September targets to $12,000 and $12,000 respectively. 

By December 2026, it expects copper price to hit $13,000 per metric ton. In 2025, its forecast is for a supply deficit of 230,000 tons with production and demand growth estimated at 1.2% and 2.8% respectively. The bank sights tight supply and a strong long-term demand outlook as the key drivers of this bullish market.

Copper price technical analysis

Comex copper price momentarily rose above the resistance zone of $5.0750 on Tuesday before pulling back to the range that has defined its movements for over a week now. A look at its daily chart shows the price hovering along the crucial zone of $5.00, which matches the short-term 25-day EMA.

Notably, the Comex price has formed a symmetrical triangle pattern, which signals consolidation in the near term. In the immediate term, the red metal may trade within a tight range of between $4.95 and $5.10. 

However, the bulls still have a chance to foster a breakout to retest October’s high at $5.24. This thesis remains bullish for as long as the red metal continues to trade above the over one-month support level of $4.90.  

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