Copper Prices Stagnate as Geopolitical Tensions Weigh on Market

Copper futures are facing significant headwinds due to escalating geopolitical tensions in the Middle East and higher oil prices, resulting in increased production and transportation costs.

As a result, copper traders are adopting a cautious posture, leading to elevated market volatility and sensitive sentiment to news flow.

The current price of $6.603 is below key short- and medium-term moving averages, while maintaining a position above long-term support levels.

A potential rebound within the expected range of $6.5306 to $6.735 is suggested by oversold oscillators, but bearish momentum persists with weak momentum indicators.