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Copper prices continue to show robust bullish activity, recently surpassing the 50% Fibonacci correction level of $4.5400. This movement indicates an approach towards the next significant target at $4.6400, although some sideways fluctuations may occur as the market seeks additional positive momentum.
Traders are advised to monitor the $4.6400 threshold closely, as a breakout above this level would confirm readiness to target new highs around $4.7000 and $4.8100. Conversely, if prices settle below $4.5400, a bearish correction may ensue, potentially driving prices down to the initial target of $4.3800.
Today’s anticipated trading range is set between $4.5400 and $4.6400.
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