The price of copper has persistently closed below the critical barrier at $5.1600, affirming its susceptibility to the prevailing bearish correctional bias. Recent movements have seen copper descending to the $5.000 level, aligning with the anticipated initial correctional target outlined in the previous report.
With the current period witnessing a decline towards the $4.8900 level, there is an anticipation of negative momentum accumulation. Should the price breach this level, it would heighten the likelihood of testing the significant support at $4.7200.
Expected Trading Range:
The anticipated trading range stands between the support level at $5.1000 and the resistance level at $4.8900.
Trend Forecast:
The prevailing trend remains bearish, with ongoing indications of downward pressure on copper prices.