Copper Prices Tumble Amid Low Inventory Levels

Copper prices have continued to move downward, reaching $6.6528 after a 0.98% decline today.

The current price of copper is positioned below its key short-term moving averages but remains strong over medium- and long-term benchmarks.

Benchmark copper reached a 6-month high of $14,290 a metric ton due to persistently low inventory levels restricting supply. Lower stockpiles have increased competition among buyers, creating upward price pressure.

The technical setup shows short-term bearish pressure within a medium-term bullish structure, with $6.5985 to $6.7071 as the expected trading range for the next 2-3 days.