Usman Salis
Copper extended its gains in the latest session, rising approximately 1.6% to trade around $6.05 while remaining confined within a well-defined horizontal range. The industrial metal continues testing its boundaries as buyers and sellers clash at critical technical levels, creating a sideways pattern that has persisted across multiple sessions.
Copper Holds Inside $5.70-$6.10 Consolidation Zone
The metal has spent recent sessions oscillating between roughly $5.70 and $6.10, creating a blue-shaded consolidation zone where neither bulls nor bears have gained decisive control. Price action has repeatedly tested both the upper boundary and support zones, maintaining range-bound behavior rather than breaking decisively in either direction. A green diagonal trendline above current levels represents key resistance that price has yet to clear, marking it as a significant obstacle to any breakout attempt.
Meanwhile, horizontal support near $5.50 has provided a structural floor, preventing deeper corrections and supporting short-term rebounds.
Technical Indicators Signal Neutral Momentum at $6.05
Momentum indicators show neutral positioning, with the Relative Strength Index hovering around the mid-50s - reflecting neither overbought nor oversold conditions. This aligns perfectly with copper's sideways trading pattern. Volume bars reveal modest participation without extreme spikes, suggesting orderly movement rather than impulsive trading. The recent uptick to $6.05 demonstrates buyer activity within the range, but until resistance is convincingly breached, the sideways pattern remains intact.
The current range-bound behavior underscores copper's consolidation phase, and the outcome at the upper boundary will define the next directional move. A clear break above the range and trendline overhead could signal renewed strength, while failure to breach resistance may keep prices anchored within the current zone, reinforcing the critical nature of key support levels near $6.30.
Usman Salis
