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Copper prices have recently entered a sideways track, delaying further declines due to a sustained lack of negative momentum. The metal’s price has hovered around $4.0250, which is emerging as a significant intraday resistance against recent downward attempts.
The ongoing divergence between key indicators suggests a prevailing positive outlook. However, to initiate a move towards lower targets, copper must first accumulate enough negative momentum to breach the current resistance. If successful, the price could aim for lower targets at $3.8300, potentially followed by a further decline to $3.7000.
For today, the anticipated trading range is between $3.9300 and $4.1500.
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