Copper Prices Skyrocket on Supply Constraints and Stable Interest Rates

Copper futures have surged by 3% in recent trading sessions due to persistent supply constraints and signs of stable US interest rates. This upward momentum is further supported by technical indicators, which show that copper is trading firmly above its 20-day, 50-day, and 200-day moving averages.

The uptrend has been fueled by ongoing concerns about copper supply tightness and the Federal Reserve's decision to leave interest rates unchanged. Glencore's first-half copper output rose 15%, with marketing profits of $3.3 billion surpassing annual guidance and supporting stronger fundamentals.

Technical indicators point to firm upward momentum, with the price likely consolidating between $6.4263 and $6.5758 in the coming week. The MACD and RSI are both pointing to a buy, while Stochastic RSI flags a strong buy. However, Bull/Bear Power (BBP) shows buyers currently dominate intraday momentum.