Copper price rebounds to $13 500 as dip buyers return
Copper prices rose to $6.10 per pound (around $13,500 per tonne) on Tuesday, marking a second consecutive day of recovery after a sharp sell-off, as volatility in the metals market eased and dip buyers returned.
The price rebound was driven by Chinese manufacturers re-entering the market after the recent extreme rally, purchasing copper at lower levels to rebuild inventories ahead of the Lunar New Year holidays.
Copper is currently trading above its key moving averages, with bullish momentum supported by expectations of stronger demand from global renewable energy projects and AI data centers. In addition, supply-side risks persist due to geopolitical tensions and years of underinvestment in new mining projects.
Moderately bullish scenario remains intact
The base-case scenario for now is consolidation in the $12,800–$13,600 range. A sustained move above $13,500 would open the way toward $14,000.
30-minute chart of copper futures (USD/lb). Source: TradingView
On the downside, a loss of support at $12,800 could trigger a swift pullback toward the $12,200–$12,400 area.
For now, copper continues to attract demand, including as a strategic asset amid volatility in other markets. Today’s price strength reflects a combination of a structural supply deficit, strong demand from the technology and industrial sectors, and heightened investor interest. However, the market remains sensitive to supply developments, demand signals, and broader macroeconomic trends.
As we wrote, Copper prices slide as volatility rises ahead of Chinese new year
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