BHP's Copper Surge Fuels Medium-Term Momentum in Copper Prices

Copper prices have remained relatively flat today, trading at $6.6917 and hovering near their low. Despite this modest decline, copper is still positioned above its medium- and long-term moving averages.

The price of copper has been influenced by the recent surge in earnings from BHP's copper division, which contributed significantly to the company's FY26 EBITDA of $32.9 billion. This boost in earnings highlights the importance of copper demand in supporting corporate profitability.

Short-term indicators are mixed, with some suggesting a potential breakout above resistance and others indicating mild intraday selling pressure. However, medium-term momentum remains positive, with a 64% probability of an upward move over the next 2-3 trading days.