Copper Prices Surge as Technical Breakout and Tight Supply Drive Rally
Copper prices surged over the last 24 hours, with official charts from TradingView showing a sharp upward move that contradicts any notion of stability.
On July 1, 2025, copper futures climbed from around $5.06 to above $5.15 per pound, marking a clear breakout from recent consolidation. This rally follows a period of sideways movement and reflects renewed bullish momentum in both the four-hour and daily timeframes.
The four-hour chart shows copper breaking above the $5.13 resistance, with prices touching $5.17 at the session peak. Bollinger Bands widened as volatility increased, and the price moved decisively along the upper band.
The Relative Strength Index (RSI) rose to 64.1, indicating strong momentum but not yet overbought. The Moving Average Convergence Divergence (MACD) histogram turned positive, with the signal line confirming the bullish shift.
Volume picked up as the breakout unfolded, suggesting strong participation from both speculative and commercial traders. The daily chart reinforces this bullish picture.
Copper closed above $5.15, with the RSI climbing to 67.9, nearing overbought territory but still within a range that supports further gains. The MACD lines diverged further, and the histogram expanded, confirming accelerating upward momentum.
Copper Prices Break Out on Tight Supply
Prices remained above all major moving averages, with the 50-day and 200-day lines trending higher. Support levels at $5.07 and $5.14 held firm, while resistance at $5.17 was tested during the rally.
Fundamental drivers remain clear. Official data shows global inventories at multi-year lows, as logistical bottlenecks and regional supply issues persist.
Demand from Asia, especially China, continues to underpin the market, with manufacturing activity and infrastructure spending providing a steady pull on physical copper.
U.S. tariffs and trade policy distortions have further tightened supply in key regions, amplifying the price response to any signs of shortage. Macroeconomic factors also played a role.
The U.S. dollar weakened overnight, supporting commodity prices across the board. Market participants tracked Federal Reserve signals and inflation data, anticipating that a dovish monetary stance could sustain the rally in industrial metals.
The technical breakout in copper reflects a convergence of tight physical supply, robust demand, and favorable macro conditions. The charts confirm that buyers overwhelmed sellers as soon as resistance levels broke.
Momentum indicators suggest the move still has room to run before exhaustion sets in. Traders now watch for follow-through above $5.17, with eyes on volume and any shifts in macroeconomic policy or global trade flows that could alter the current bullish narrative.
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-0.03%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,461 | +1.78% | +33.20% | 4,383 | 4,503 | 4,421 | 139,824 |
| SILVER | 65.59 | +1.26% | +73.05% | 64.77 | 66.98 | 64.81 | 46,406 |
| BRENT | 88.88 | -0.03% | +34.42% | 88.91 | 90.07 | 88.12 | 29,713 |
| WTI | 83.11 | -0.11% | +31.57% | 83.20 | 84.35 | 82.40 | 166,848 |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| LITHIUM | 75.20 | +1.47% | +62.95% | 74.11 | 75.80 | 75.08 | 89,275 |
| IRON ORE | 161.91 | — | +58.10% | 161.91 | 161.91 | 1 | |
| SOY | 1,184 | +3.20% | +17.05% | 1,148 | 1,199 | 1,168 | 163,179 |
| CORN | 480.50 | +10.02% | +29.34% | 436.75 | 480.75 | 459.50 | 341,248 |
| WHEAT | 655.00 | +3.93% | +29.70% | 630.25 | 657.75 | 631.50 | 128,793 |
| COFFEE | 317.25 | -5.51% | +0.67% | 335.75 | 321.20 | 313.55 | 21,747 |
| SUGAR | 16.43 | -1.79% | -3.01% | 16.73 | 17.11 | 16.22 | 171,992 |
| COCOA | 5,719 | +3.18% | -34.96% | 5,543 | 5,779 | 5,574 | 26,773 |
| ORANGE JUICE | 138.55 | -0.47% | -45.38% | 139.20 | 141.05 | 137.50 | 703 |
| COTTON | 85.03 | +2.33% | +26.78% | 83.09 | 82.90 | 81.96 | 16,546 |
| BEEF | 223.60 | -3.93% | -5.18% | 232.75 | 226.40 | 223.00 | 16,126 |
| CATTLE | 339.10 | -3.16% | -1.82% | 350.17 | 345.50 | 338.60 | 10,164 |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
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