Copper Futures Gain Early in Week, Resistance at $6.71

Copper futures have started the new trading week on a moderate note, inching up in value. According to analysis, we can expect further gains up to just below $6.71 in the near term, which is a key resistance line.

After reaching this point, copper futures are likely to see a clearer move downwards, but should remain above the support line at $5.25. The long-term uptrend for copper futures appears to be intact.

However, there's an alternative scenario where copper futures drop directly below the $5.25 support level, which would signal that the larger upward move has already ended. This possibility is estimated to have a probability of 33%.