Copper Price Faces Continued Downward Pressure, Likely To Test $3.9300

Copper prices have experienced ongoing fluctuations near the $4.0600 mark, hovering around the 55-period moving average (MA55). Despite stochastic indicators signaling stability within the oversold territory, the metal remains under the influence of additional negative pressures. These forces are likely to delay any attempts to renew the bullish trend, with the $4.2000 level acting as a persistent resistance.

Given the current market conditions, analysts expect further downward movement, potentially breaking the support at $4.0000. This could lead to a decline toward $3.9300, followed by a possible test of the main bullish channel’s support line at $3.8300.

The anticipated trading range for today is between $3.9300 and $4.1000.