Copper Prices Consolidate Amid Tight Supply and Strong Demand

Copper prices are experiencing consolidation due to tight global supply and strong demand. The current price is $6.5795, down 0.30% from yesterday's close.

The asset remains under selling pressure on short- and medium-term charts, with indicators favoring a downside move. Traders expect copper to trade within a range of $6.4655 to $6.6845 over the next few sessions, with a 67% likelihood of downward movement.

Tightening supply from falling inventories and mine disruptions provides underlying support for copper prices. However, traders should monitor for a break above resistance at $6.655 as a potential signal for a trend reversal.