Copper Price Consolidates as China's Industrial Profit Growth Slows

The copper price has been stuck in a rut, trading at $6.5845 after a slight decline on the day.

According to Traders Union, the asset is currently below its short-term moving average but still above medium- and long-term trend measures.

This mixed momentum signals consolidation rather than a clear upward or downward move.

The technical analysis suggests that copper will likely consolidate between $6.4717 and $6.6963 over the next 2-3 trading days, with a 76% probability of an upward move and a 24% chance of a downside reversal.

This cautious outlook is due to slowing Chinese industrial profit growth, which has reduced manufacturing activity and weakened copper demand.