Copper Prices Under Pressure as US Dollar Strengthens

Copper prices have been under pressure in recent sessions due to profit-taking and a strong US dollar. The Comex copper price was at $6.61 per pound at the time of writing, having moved away from its recent record high. A stronger greenback makes dollar-priced assets more expensive for foreign buyers, dampening demand.

A tighter supply outlook also supports copper prices. Analysts expect China's refined copper output to grow at its slowest pace since 2000 in 2026, leading to a sharp drop in growth in Q4'26 and offering strong support to copper price.

The technical indicators point to a choppy market in the near term, with the relative strength index (RSI) at 47 and falling. The Comex copper futures are trading below their months-long trendline and the short-term 25-day EMA, with resistance around $6.80-$6.84 and support at ~$6.54.