Copper Prices Stuck at $6.58 Amid Whipsaw Risk

Copper prices are hovering around $6.58 on the 5-hour chart, trapped in a narrow band due to elevated whipsaw risk and muted conviction.

The metal is supported by the 5-hour 200-period simple moving average (SMA) at $6.50, but continues to encounter resistance from the 20 and 50 SMAs positioned above $6.60.

Market participants are cautioned about a 'no-trade zone' between $6.55 and $6.62, where choppy action and low conviction heighten the risk of whipsaws.