Copper Price Rally Continues Amid Supply Constraints

Copper prices have been driven upwards by tightening physical supply and reduced concerns about US interest-rate hikes, according to data. The current price of Copper (HG) is $6.6068 with a modest uptick on the day and a narrow trading range.

The price is positioned below its short-term moving averages but continues to hold above medium- and long-term supports. Technical signals are mixed, favoring a 65% probability of an upward breakout in the near term.

Supply constraints have played a crucial role in sustaining copper's recent rally, as physical scarcity across the market supports ongoing interest from traders and end-users. Reduced concerns about US rate hikes have helped stabilize demand expectations for industrial metals.