The copper market remains devoid of significant developments as prices persist within a sideways triangle formation. Notably, the stability of the 3.6600 support level has limited the prospects of a bearish downturn, while the formidable resistance at 3.9200 continues to thwart attempts at a bullish breakout. As a result, copper prices currently find themselves in a consolidation phase near the 3.7600 mark.
In light of the prevailing market conditions, we advocate a neutral stance, urging market participants to exercise caution until a clear breach of one of these major price levels occurs. This prudent approach is essential to ascertain the subsequent price targets, as outlined in our prior market analysis.
For today’s trading session, the expected range is projected to span between 3.6700 as the lower boundary of support and 3.8500 as the upper limit of resistance. This range serves as a critical area for traders to monitor, as a decisive move beyond it could offer insight into potential future price movements.
In summary, copper prices continue to exhibit a neutral stance as they navigate within a sideways triangle formation, with market participants awaiting a definitive breakout to determine the next significant trend.
