Copper Prices Hold Firm Near Record High Amid Supply Constraints

Copper prices have been holding firm near record highs due to ongoing supply constraints. The metal has risen for five consecutive sessions, with falling inventories in China and higher spot premiums in Shanghai contributing to the tightness in near-term supply.

Production disruptions at mines are also supporting copper prices. However, weak import demand and pressure on China's property sector could slow the pace of gains.

The technical outlook for copper remains positive, with momentum indicators confirming an uptrend. The Ichimoku Kijun level stands at around $6.7229, providing immediate technical support.