Copper Holds Firm Near Highs As Tight Supply Meets Cautious Demand

Copper is starting the new week parked close to its recent peaks rather than collapsing from them.

COMEX futures trade around 5.05 dollars per pound, while London Metal Exchange three-month contracts hover near 10,850 dollars a ton and Shanghai futures sit just below 87,000 yuan.

Prices are little changed on the day but roughly a fifth higher than a year ago, a reminder that the market remains tight even when daily headlines look dull.

Over the past seven days, copper has moved in a choppy sideways band between about 4.97 and 5.16 dollars on COMEX. A sharp rally early last week pulled in heavy volumes, but trading then cooled as investors waited for delayed U.S. macro data and clearer signals from Beijing.

Weekend and overnight moves were confined to a narrow range around 5.05 dollars, suggesting a market taking stock rather than losing faith.

Physical signals are mixed. Chinese spot prices edged higher last week even as local analysts described both supply and demand as weak, an indication that constrained mine and smelter output still commands a premium.

Copper consolidates as uptrend remains intact

In India, by contrast, futures eased as domestic buyers trimmed orders. A deadly bridge collapse at a copper-cobalt mine in Congo underscored how fragile parts of the supply chain remain, even if immediate disruption looks limited.

Investor flows tell a similar story of cautious conviction. U.S. copper ETF CPER saw an unusually busy session during last week’s spike before volumes slipped back, while a European fund tracking copper miners has recorded steady, unspectacular turnover.

Money is not fleeing the sector, but it is no longer rushing in blindly either. Technically, copper is pausing rather than reversing.

On four-hour charts, MACD momentum has flattened and RSI sits near 50, pointing to neutrality. Daily charts still show an uptrend from August, with clear support around 5.00 dollars and resistance near 5.15–5.20.

Unless policymakers unsettle trade flows with new tariffs or heavy-handed interventions, the market appears content to consolidate high, waiting for the next decisive signal from growth and investment rather than politics.

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