Copper Prices Slip Below Record High Amid Profit-Taking and Strong Dollar
Copper prices have been under pressure lately due to profit-taking and a strong US dollar. The Comex copper price is currently trading at $6.61 per pound, below the recent record high.
The bulls remain in control, but key technical indicators suggest choppy trading ahead. A stronger greenback has rendered copper more expensive for buyers holding foreign currencies, dampening demand.
Tight supply also continues to support copper prices. Copper scrap supply is tight due to low mine outputs and regulatory policy shifts. Analysts expect China's refined copper output for 2026 to grow at its slowest pace since 2000, leading to a sharp drop in growth in Q4'26.
The range between the 50-day EMA at $6.57 and resistance at $6.80 is worth watching. A further rebound may be curbed at $6.84, while losses below $6.54 would invalidate this thesis.