Copper Prices Stall Amid Weak Momentum
The price of copper has been struggling to maintain its position above the $6.4100 level, leading to weak sideways trading. This lack of positive momentum has kept the price below the $6.6100 barrier, which it needs to overcome to open the way for further gains.
Analysts expect copper to continue moving sideways until it gathers the necessary momentum to break through the $6.6100 barrier. If it succeeds, the next positive targets are $6.7400 and $6.8400. However, a break below $6.4100 followed by a negative close could confirm renewed negative pressure, potentially pushing the price down to $6.3300.
The expected trading range for today is between $6.4200 and $6.6100, indicating a period of cautious trading as the market waits for a clear direction.