Copper Rises Amid US Tariff Move Targeting Russian Oil Buyers

The US House of Representatives has passed legislation granting the President authority to impose tariffs of up to 100% on countries buying Russian oil and gas, including India. This policy shift could disrupt global commodity supply chains and increase costs for industrial metals like copper.

Copper is currently trading at $6.652, rising 1.84% on the day and closing near its session high. The commodity remains above its key moving averages, reflecting firm intraday momentum.

Analysts predict that copper will likely consolidate within a volatility band between $6.5413 and $6.7627 over the next two to three sessions, with a 60% chance of an upward continuation and a 40% chance of a downside break.