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Copper prices reversed their negative trend yesterday, showing signs of bullish correction. The metal consolidated above the $4.0250 mark, ultimately settling at approximately $4.0850.
The outlook remains cautious, as a bearish scenario persists if prices stay below the $4.3300 resistance level. Additionally, the 55-day moving average (MA55) could act as a further barrier around $4.2400. Should negative momentum resurface and prices breach the 38.2% Fibonacci retracement level at $3.9200, copper could experience further declines, with potential support levels at $3.8300 and $3.7000.
Today’s expected trading range for copper is between $3.9300 and $4.1500.
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