Copper Price Pressured by Warehouse Deliveries, Technical Indicators Suggest Weakness Ahead

Copper (HG) is trading at $6.407, posting a slight intraday gain above its key short-term average and longer-term moving average on the daily timeframe.

The asset's price movement has been influenced by recent deliveries to exchange-traded warehouses, which have increased inventory levels and relieved supply constraints.

This development has suppressed upward price pressure, according to analysis. US inflation figures have also led traders to expect stricter monetary policy, contributing to a cautious market tone.

Technical indicators suggest short-term downside bias, with copper projected to trade between $6.2866 and $6.5274 over the next 2-3 days, indicating a higher likelihood of short-term weakness.