Copper Price Forecast for Next Week

Copper Price Forecast for Next Week (10th Aug - 14th Aug 2026)

LME Copper futures gained around 2% over the week as tightening global supply conditions supported prices. The Democratic Republic of Congo's ban on copper concentrate exports reinforced concerns over near-term availability and highlighted a broader trend among resource-rich nations to retain more value through domestic refining. Expectations of potential U.S. copper import tariffs continued to redirect metal toward American warehouses, reducing supplies available to LME-tracked markets. Large copper shipments to the U.S. in 2026 have further tightened inventories elsewhere ahead of a tariff decision by President Donald Trump. Supply concerns were also heightened by the possibility that operations at part of Codelco's El Teniente mine could remain suspended for up to two years, continued to provide a supportive backdrop for copper prices.

MCX Copper prices regained strength during the week, surging around 5% and closing at 1366.80, indicating renewed buying interest. Prices are trading firmly above all key moving averages, with the 20, 50, 100 and 200 DEMA placed at 1342.40, 1335.80, 1327.90 and 1293.20, respectively. The price structure continues to hold above the rising trendline, keeping the broader trend constructive. From an indicator perspective, RSI stands at 61.49, above its average of 57.67, indicating positive momentum without entering overbought territory. The rising RSI supports the recent recovery and suggests that buying momentum remains intact. Meanwhile, Open Interest declined to 10,410 lots despite the price rise, indicating that the recent upmove may be supported more by short covering rather than aggressive fresh long build-up.

Overall, MCX Copper is expected to maintain a sideways-to-bullish outlook in the near term, with prices holding above key moving-average supports. Traders may look for a buy-on-dips approach while monitoring the previous highs closely. A sustained breakout above these highs could strengthen the bullish structure and open the possibility of further upside, while failure to break out may keep prices within a consolidation phase.

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Prediction given by Technical Research Team - Choice.