Copper Prices Stabilize Above Key Moving Averages Amid Robust Demand

Copper prices have been resilient despite recent intraday weakness, trading above key moving averages. The current price of $6.663 reflects this resilience. According to a proprietary model combining technical and on-chain data, copper is expected to trade within the range of $6.5048 to $6.7972 over the next 2-3 days.

The surge in copper import premiums to their highest levels since October 2022 indicates robust demand and tighter supply in China. This has led to a strong bullish trend, with momentum indicators pointing to ongoing upward strength. However, some indicators are highlighting overbought conditions, suggesting the current rally may be reaching an exhaustion point.

The model suggests that copper will likely consolidate within its established volatility band, with price stability around the midpoint of this range expected over the next 2-3 trading days. An upside break above resistance at $6.7972 could open scope for further gains if buying interest re-accelerates.