Copper Price Forecast for Next Week

Copper Price Forecast for Next Week (23rd - 27th March 2026)

MCX Copper futures prices tracking the weekly decline by about 6.41% amid a strong dollar and concerns that high energy prices dent manufacturing demand. Central banks held rates this week and warned that the war-driven jump in oil prices could rekindle inflation and weigh on growth. It prompted investors to push back on rate-cut bets and, in some cases, revive expectations of renewed tightening. The developments limited the outlook on manufacturing by biting factory's margins and limiting consumers' purchasing power. Additionally, upside inflation risks drove Federal Reserve policymakers to strike a hawkish tilt in their economic projections, lifting the dollar and pressuring greenback-priced commodities. The drop was aligned with six-year high copper inventories in the LME and record high stocks in the SHFE. Total LME copper stocks climbed nearly 19,000 tons to 330,375 tons, the highest level since September 2019. The build reflects higher refined output in China and a slower-than-expected recovery in demand following the 15-23 February lunar new year holiday. Industry estimates indicate China's refined copper output rose by 8-13pc on the year in January-February. China imported 4.943mn t of copper concentrate in this year's first two months, up by 5pc on the year, customs data show. Market participants expect China's refined copper output to rise further in March, with Liangshan Copper planning to begin trial operations at its new 125,000 t/yr refinery this month.

MCX Copper prices witnessed selling pressure during the week, declining nearly -11.5%, with prices marking a weekly low at 1049.25 before settling at 1109.95. The contract continues to trade under short-term moving averages, indicating sustained downside momentum. Prices closed above the 200DEMA (1078.33), while remaining below the 20DEMA (1196), 50DEMA (1181.33), and 100DEMA (1158.82), reflecting persistent bearish pressure in the near to medium term. Open Interest declined sharply by -4030 lots alongside the price fall, suggesting long liquidation dominating market activity. Technically, copper remains under corrective phase after failing to sustain higher retracement levels, with price trading below key resistance moving averages. The RSI has slipped toward weaker territory near 29.38 with signal around 42.78, indicating weakening momentum and approaching oversold conditions.

Overall, copper prices remain under bearish pressure amid geopolitical concerns, and traders should stay cautious near the support zone and wait for confirmation of stability before fresh positioning.

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Prediction given by Technical Research Team - Choice.