Copper Price Consolidation Near $6.65 Support Amid Tariff Policy Risks

Copper prices have been consolidating near their support level of $6.65 as market participants await the outcome of tariff policy risks. According to Scmp, over 200,000 tonnes of copper were shipped into US ports in July, temporarily boosting domestic copper inventories.

This front-loading of imports ahead of anticipated tariffs has accelerated futures activity and driven increased liquidity in Copper contracts. The heightened attention on policy risks has contributed to the current volatility.

Technical signals remain bullish, with a high probability of further upside if resistance levels are breached. However, a break below the Ichimoku Kijun support at $6.65 would open the door to a bearish scenario.