Copper prices remained under pressure as slowing global industrial activity and ongoing trade policy risks weighed on sentiment. Tariff uncertainties continued to cloud the demand outlook, particularly from major manufacturing hubs. While targeted policy support from China offered some relief to copper and broader base metals, a stronger U.S. dollar and persistent geopolitical tensions limited any meaningful upside. With the upcoming FOMC meeting, market participants remain cautious amid growing speculation about the Fed’s policy direction.
Copper price has resumed last week on a positive note, traded back & forth and managed to close at 896.20. Here, price has sustained over its all key moving averages i.e. 50, 100 and 200-DEMA levels placed at 881.65, 871.55 and 855.70 respectively. Daily SAR is placed 882.20 which will be crucial support level. On the other side, key resistance would be at 902.50, breakout of this hurdle will accelerate upward momentum in Copper price. RSI levels revived from the dips, trailing around 60 level on Daily and Weekly chart.
A noticeable observation from the Open Interest (OI) levels is a surge to 6,550 lots in August contract, despite the recent price consolidation in Copper prices.
We are expecting Moderately Bullish trend in Copper price and traders may look forward for Buy-on-dips strategy in upcoming week.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
870 | 882.20 | 896.20 | 902.50 | 920 |
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Prediction given by Technical Research Team - Choice.