Copper Price Forecast for Next Week

Copper Price Forecast for Next Week (17th - 21st March 2025)

The technical outlook for Copper Futures (MCX) indicates a strong bullish momentum, with prices breaking out of a Flag & Pole pattern followed by a symmetrical triangle continuation pattern. The breakout over critical resistance levels has resulted in a long-term uptrend, which is backed by rising moving averages. The 50-day, 100-day, and 200-day moving averages are all rising upward, indicating a strong underlying trend. The current price action demonstrates consolidation above previous resistance, which is now acting as support, reinforcing the bullish thesis.

Copper extended last week’s gains, outperforming its base metal peers as a weaker U.S. dollar and rising demand prospects from China’s power and construction sectors fueled the rally. Easing inflation further supported sentiment. Additionally, U.S. net copper imports are projected to surge in the coming months ahead of a potential tariff.

Furthermore, the RSI remains near the overbought zone, indicating strong buying momentum but also the risk of an initial retreat or consolidation before further advances. The volume analysis shows a rise throughout the breakout phases, indicating considerable participation in the rally. Key resistance is seen around 915.30, with immediate support at 881.75 and 857. As long as the price maintains above these support levels, the bullish trend will continue, with more upside potential to 940 levels.

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Prediction given by Technical Research Team - Choice.