Copper Price Under Pressure as Dollar Strength Persists
The price of copper has been under pressure in recent sessions due to profit-taking and a strong US dollar. The dollar, which has reached a two-year high at $101.41, continues to trade above the steady support level of $101. A stronger greenback makes dollar-priced assets more expensive for foreign buyers, thereby dampening demand for copper.
Copper scrap supply remains tight due to low mine outputs and regulatory policy shifts, while China's refined copper output is expected to grow at its slowest pace since 2000 in 2026. Analysts project an average price of $14,500 a tonne in Q4'26, which could support the copper price.
The Comex copper price has moved away from its recent record high and is currently trading below the months-long bullish trendline and short-term moving average. The technical indicators, including the relative strength index (RSI), suggest a choppy market in the near term with potential resistance around $6.80, $6.84 and support at ~$6.54.