Copper Price Forecast for Next Week

Copper Price Forecast for Next Week (6th July - 10th July 2026)

LME Copper futures ended the week on a steady note as weaker-than-expected US June employment data reduced expectations of a near-term Federal Reserve rate hike. Markets now price in around a 50% probability of a September rate increase, down from nearly 67% before the jobs report, supporting industrial metals sentiment. However, improved shipping through the Strait of Hormuz eased supply concerns and limited gains. Investors also remained cautious ahead of a US Commerce Department report that could lead to tariffs on refined copper imports. In China, the Rating Dog General Composite PMI eased slightly to 53.6 in June from 54.0 in May. while remaining among the strongest readings in three years. Rapid declines in Chinese copper inventories continued to highlight resilient demand and ongoing downstream restocking.

MCX Copper prices witnessed a recovery of nearly 3% from the recent low around 1,240, closing the week at 1,284.80. Prices are currently trading above the 100-200 DEMA placed at 1,267.67 and 1,190.83 respectively, while remaining below the 20-50 DEMA at 1,295.64 and 1,299.63, indicating that the short-term trend is still under pressure but the broader medium-term structure remains constructive. Open Interest (OI) stood at around 13,290 lots, suggesting stable participation as prices attempted to recover from lower levels. Momentum indicators are showing early signs of improvement, with RSI rebounding to 44.72 from oversold territory, while remaining above its moving average of 41.12, indicating that bearish momentum is gradually easing.

We may expect a trend to be cautiously positive. Traders may expect a bullish breakout if prices sustain above the 1,300 mark, while a buy-on-dips approach can be considered as long as prices continue to hold above the support zone.

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Prediction given by Technical Research Team - Choice.