Copper Price Forecast for Next Week
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 1304.50 | 1350 | 1385 | 1404.70 | 1432 |
LME Copper prices declined for the second consecutive week as a global selloff in artificial intelligence stocks dampened sentiment toward the metal. Concerns over elevated inventories persisted, with LME stocks rising 20% over the week to 273,750 tonnes, despite a modest increase of 800 tonnes on Friday. However, inventories registered with the Shanghai Futures Exchange fell 26.5% weekly, indicating tightening availability in China. Meanwhile, substantial copper stockpiles in the US continued to weigh on prices amid uncertainty over potential tariff measures and the risk of re-exports. Despite near-term weakness, copper retains long-term support from AI-driven data centre and power infrastructure expansion. Supply risks also remain elevated due to potential labour strikes at major mining operations and uncertainty surrounding US trade policies.
Copper price has dropped for 2nd consecutive week where price has rebounded from the support low of 1313.50 and settled at 1383 in past week. Looking at a Daily momentum, Copper price has failed to breakthrough below 200-DEMA level placed at 1304.55 in past week and settled just above 100-DEMA level placed at 1370.25. Immediate resistance would be at 20-DEMA level placed at 1404.70. Daily SAR is placed at 1432. The momentum indicator, RSI has still remained below 50 on Daily timeframe.
We are expecting Sideways-to-Bullish trend in Copper price in next week towards expiry and traders should look for Buy-on-dips opportunity.
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