LIVE MARKET ALERT Copper prices maintain upward momentum in intraday dealings, advancing to 5.87 per pound with a 0.69% increase. Market participants note sustained buying interest, suggesting confidence in industrial demand and persistent supply-side constraints helped to underpin sentiment across the base metals complex.
Thin inventories at major warehouses and moderate improvement in downstream consumption have contributed to the measured price strength. Technical indicators show short-term support levels holding firm, while resistance may emerge near recent session highs as profit-taking consideration builds.
Key Drivers:
• Ongoing tightness in global copper supply amid constrained mine output and refining capacity.
• Steady industrial demand expectations from construction and electrical sectors reinforcing positive sentiment.
This market commentary is provided for informational purposes only and does not constitute investment advice or a recommendation to engage in any trading activity.
Copper Extends Gains as Traders Gauge Supply Tightness
"Copper rises 0.69% to 5.87 per pound as tight global supply, steady industrial demand, and thin inventories sustain buying interest; support holds while resistance nears recent highs."
Thin inventories at major warehouses and moderate improvement in downstream consumption have contributed to the measured price strength. Technical indicators show short-term support levels holding firm, while resistance may emerge near recent session highs as profit-taking consideration builds.
Key Drivers:
• Ongoing tightness in global copper supply amid constrained mine output and refining capacity.
• Steady industrial demand expectations from construction and electrical sectors reinforcing positive sentiment.
This market commentary is provided for informational purposes only and does not constitute investment advice or a recommendation to engage in any trading activity.