Copper price intensified its bearish attack in yesterday’s trading, driven by recurring negative pressure, breaking below our previously suggested first target at $6.3000. This has kept the price trading below the 55-period moving average.

 

We note that continued stability below the resistance level at $6.6100, alongside the negative momentum signals from the main technical indicators, could strengthen the bearish pressure. We therefore expect the price to attempt a move toward support near $6.2400. A break below this level would pave the way for further declines toward additional targets, potentially starting at $6.1100.

 

The expected trading range for today is between $6.2400 and $6.4300

 

Trend forecast: Bearish