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Commodities

Copper Buyers Defend Key Support Level Amid Bullish Technical Structure

Guavy AI Editorial Team
Instruments
Copper
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Copper prices remain stable near the key support level of $6,616.2, with buyers defending this crucial threshold.

The metal's price has been influenced by surging Chinese buying and elevated copper import premiums since October 2022, indicating strong physical demand and improved sentiment.

Despite the Federal Reserve's hawkish stance and recent interest rate hike, copper traders have shown minimal reaction, suggesting that monetary policy signals are having a limited effect on prices.

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