Copper Rally Could Be Brewing as Key Resistance Looms

Copper prices have been consolidating in recent months, trading between $6.30 and $6.89 per pound after rising from a low near $5.93 per pound recorded on June 24.

A brief dip below a key trendline at the beginning of September was followed by a rapid recovery, which is generally viewed as a positive signal for future price performance.

The next key obstacle for copper prices to break through is the $6.89 per pound level, with a potential upside target of approximately $0.96 higher if this resistance is decisively broken.

Momentum indicators also support the bullish scenario, with the Relative Strength Index rising and not yet signaling overbought conditions, while the MACD indicator is sending positive signals.