Copper Prices Weaken Amid Warehouse Build-Ups and Labor Disputes

Copper prices are under pressure as US warehouses see significant builds of refined copper inventories. Traders have been reacting to potential future import tariffs, which could alter the global distribution of copper supply.

Labor negotiations at Antofagasta's Centinela mine in Chile have moved to formal mediation, raising the risk of copper supply interruptions. This development adds to global copper market uncertainty, with traders advised to monitor shifting supply risks and emerging technical levels as key drivers for near-term price direction.

Copper trades below its short- and medium-term moving averages, with strong sell signals indicating a likely range of $6.5199 to $6.7117. The current intraday range is defined by the most recent low near $6.6158 and forecasted support at $6.5199, with key resistance at $6.7117.