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Copper prices have demonstrated a clear bearish trend, closing consistently below the $4.3300 mark. This decline is attributed to the negative performance of major indicators and the additional resistance posed by the 55-day moving average, which is currently positioned around $4.2600.
The price is now testing the $4.1400 level, which represents the initial target for the ongoing bearish trend. Analysts anticipate further downward pressure, with the next significant support level at $4.0250. A breach of this support could potentially drive prices towards $3.9200.
Today’s anticipated trading range for copper is between $4.0250 and $4.2000.
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