Copper Prices Consolidate Ahead of Next Breakout Attempt

Copper prices have been consolidating in recent weeks after a failed breakout attempt, but analysts believe another try may be successful. The weekly chart of copper futures shows a larger trend structure, with the current price hovering around $6.496.

This level is crucial for identifying strengthening or weakness in the market. If it fails as support, the weekly reversal signal could trigger and drive copper towards a test of support near the 50-day moving average at $6.373.

A successful hold of the current support would keep the recent basing breakout attempt in play, allowing buyers another opportunity to challenge the recent high of $6.867.