Copper Price Forecast for Next Week

Copper Price Forecast for Next Week (3rd Aug - 07th Aug 2026)

LME copper futures ended the week around 1.5% higher, supported by the US Federal Reserve's decision to keep interest rates unchanged, easing concerns over industrial metal demand. In China, the Politburo reiterated its focus on existing policy measures instead of broad stimulus, while the official NBS Manufacturing PMI unexpectedly fell to 49.2 in July, signaling renewed contraction in factory activity. On the supply side, severe weather disrupted mining operations in Chile, supporting prices. LME copper inventories declined by over 10,000 tonnes during the week to 262,300 tonnes, while China's import premiums climbed to their highest level since 2022, indicating firm physical demand. Looking ahead, markets will monitor China's PMI data, trade balance, and broader macroeconomic indicators, alongside copper's strong long-term demand from clean energy and Al infrastructure.

Copper price has posted incline for the 5th consecutive week, having a weekly gain of nearly +1.50% and managed to close at 1341.35. Price has continued its upward momentum in Asccending triangle, sustaining over its all key moving averages i.e. 20, 50 and 100-DEMA levels placed at 1318, 1308 and 1282.75 respectively. Daily SAR is placed at 1310.85. Crucial resistance would be around 1390 and breakout of this mrk will lead Copper price towards its ATH level. RSI levels remained elevated over 60 mark on Daily. Weekly as well as Monthly chart.

We are anticipating continuation in upside momentum if price breakout above immediate support level and traders should look for Long opportunity.

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Prediction given by Technical Research Team - Choice.