Copper prices have begun to stabilize following a peak at $4.5150. The market appears to be consolidating as it seeks to gain additional positive momentum to continue its upward trend. The critical support level remains at $4.3200, which is essential for maintaining bullish sentiment.
Traders are optimistic about the potential for prices to challenge the resistance barrier at $4.5450 soon. If this level is surpassed, it could pave the way for prices to reach the next significant target of $4.6420.
However, risks of a trend reversal loom if prices fall below the aforementioned support level. A negative close beneath $4.3200 could lead to losses, with potential declines toward $4.2600 and $2.2050 before any new attempts to reclaim earlier positive targets.
Today, the expected trading range for copper is set between $4.3850 and $4.6400.
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