Citigroup thinks so...
If President Trump had won the US elections he had planned to spend more on roads, bridges, and airports and signalled very little interest in 'green' investments. Joe Biden, had in contrast, said that he will spend around $2 trillion over four years to improve infrastructure, create zero-emissions, public transport and create clean energy jobs. So, a Biden Presidency stands to encourage significant green tech spending. That was expected to be a boost for copper demand and has helped the metal move higher/
Biden boost for Copper demand accelerated
The anticipated copper demand was seen on a Biden Presidency and then accelerated by vaccine hopes. According to Citigroup Inc they warn that Copper's rally of about 15% since the end of October has sent Copper's 14 day RSI index above the 70 level. According to Citigroup this is a signal that a pullback could be ahead.
Now just because the RSI is overbought doesn't mean a pullback is definitely coming, but it is worth looking where medium term buyers might step back in.
