Despite recent fluctuations in copper prices, analysts anticipate a continued downward trajectory influenced by several key factors. The persistent struggle to surpass the $4.7400 resistance line coupled with a formidable barrier at the $4.8500 level underscores the bearish sentiment prevailing in the market. For a significant shift towards bearish waves, experts suggest a decline below the critical threshold of $4.5200, paving the way for targeting key support levels around $4.3100 and $4.1500.
In terms of expected trading range, analysts project a narrow band between $4.700 and $4.3100 for both support and resistance levels, indicating a sustained pressure on prices within this range.
Overall, the outlook for copper prices remains bearish, with the market poised for further declines in the near term.