Copper Price Forecast for Next Week

Copper Price Forecast for Next Week (2nd - 6th February 2026)

Copper prices declined 2.50% this week, reversing a sharp rally as investors locked in profits following a historic surge across the metals complex. This retreat was exacerbated by a nascent rebound in the US Dollar and a significant 20% increase in CMC copper margins, a move triggered after prices hit record highs to curb extreme volatility. However, supply side pressures intensified as Glencore reported an 11% drop in 2025 output to 851,600 tons, while Antofagasta saw a 1.6% decline to 653,700 tons due to Chile’s drought and regulatory fines. Conversely, China’s NBS Non-Manufacturing PMI fell to 49.4 in January, the lowest since late 2022, signaling cooling demand. However, long-term support persists through massive investment in AI data centers, EV infrastructure, and electrification. Additionally, recurring tariff threats from President Trump have driven investors toward copper as a hard-asset hedge against dollar instability.

Copper price has resumed past week with minor gapped up opening at 131185 in past week, made its all-time high in Indian market at 1480 on Thursday. Like other industrial metals, Copper has also plunged significantly on Friday, down by nearly -9% and closed on a negative note at 1284.50. On Weekly chart, price has formed a Bearish hammer formation at peak of the momentum which suggests a significant selling pressure. Price has closed right below 20-DEMA level placed at 1291.65. Also, price has settled below 23% of Fib. Retracement level placed at 1318.15. Next level would be at 38% and 50% of Fib. Retracement level placed at 1217.15 – 1135.55 respectively. Immediate support would be at 50-DEMA level placed at 1210. Here, DAILY SAR is also placed at 1243.10. Like other metals, OI level has declined to 15,820 lots in February contract, which signifies Long unwinding. The momentum indicator, RSI level dropped to 50 on Daily chart. Also, like other metal’s chart, we can observe convergence on Daily MACD above zero-line, along side declining positive histograms.

We are expecting Moderately bearish trend in Copper price and traders may opt for a Sell-on-rise strategy in next week.

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Prediction given by Technical Research Team - Choice.