Copper Prices Consolidate Near Key Resistance

Copper prices are experiencing consolidation near key resistance at $6,629, according to analysts. The current price of $6.5643 is below its short- and medium-term moving averages but remains above the long-term trend gauge.

Momentum indicators show sustained selling with oversold conditions and negative oscillator readings, indicating seller dominance. The probability of a further decline in copper prices over the next 2 to 3 days is estimated at 73% if support fails.

The Ichimoku Kijun sits at $6.629 and provides immediate resistance for copper prices. Indicator readings show MACD and RSI signaling sell conditions, with ADX in a neutral state. Stoch RSI and CCI both indicate oversold conditions, with persistent negative Bull/Bear Power readings confirming seller dominance.