Copper edges higher as buyers maintain control of the trend

Traders Union
All News
Commodities
Copper up 1.22% today at $6.36

Highlights

Copper maintains a bullish structure, trading well above key moving averages across all timeframes.
Despite bullish price action and a 1.22% gain, momentum indicators offer mixed readings, with some showing overbought conditions.
Price is expected to range between $6.3035 and $6.4295, with a sideways bias unless support at $6.3354 is breached.

Bullish bias as overbought signals counter mixed momentum

On the hourly chart, HG trades above the MA-20 ($6.3343) and MA-50 ($6.3464), while remaining well above the MA-200 ($5.8297) on the daily timeframe. Immediate support is established at the Ichimoku Kijun level of $6.3354. Among momentum signals, the RSI remains in buy territory, the CCI indicates an overbought condition, and Stoch RSI shows strong sell. Both MACD and ADX are neutral, the BBP points to buyer dominance intraday, and the Awesome Oscillator supports an ongoing uptrend.

Consolidation risk as price holds within defined channel

Short-term forecasts indicate HG will likely trade between $6.3035 and $6.4295, in a sideways channel. The baseline scenario calls for continued consolidation within this band. Upside expansion could occur on a move above $6.4295, while a break below Kijun support near $6.3354 would shift momentum and open the possibility for downside movement.

Viktoras Karapetjanc, expert at Traders Union, notes that copper’s momentum remains strong above major moving averages despite a quiet news landscape. He observes that buyer sentiment is reinforced by bullish intraday signals, with technicals suggesting further upside potential if key resistance is cleared. However, consolidation within the $6.3035–$6.4295 range is expected in the near term. Immediate support near $6.3354 is key for maintaining the current strength. "With buyers showing dominance and no negative macro news to disrupt the trend, I expect copper to sustain its positive bias as long as the support at $6.3354 holds."

Previously it was reported that the London Metal Exchange has updated its EU warehousing procedures to comply with new sanctions on Russian-origin copper. With copper now trading above key moving averages and showing strong intraday momentum, traders should monitor for a break above $6.4295 as a potential catalyst for renewed upside.

Source of Data: HG Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.