Copper Edges Higher as Weaker Dollar Boosts Demand

Copper prices are edging higher due to a weaker US dollar, which is boosting demand and tightening market availability. The current price of copper (HG) is $6.6043, up 1.01% on the day. Analysts note that supply constraints are also contributing to the increase in buying interest.

However, high oil prices are raising production costs for copper and potentially curbing downstream consumption, which could temper gains. Technical indicators show that copper is trading below its short- and medium-term moving averages, indicating ongoing selling pressure.

The price of copper is expected to fluctuate between $6.4995 and $6.7091 in the short term, with a limited upside due to prevailing technical signals. Traders are closely monitoring the $6.625 resistance for any potential shift in momentum.