INSUBCONTINENT EXCLUSIVE:
Copper prices held firm near $5.19 per pound in early trading on July 3, 2025, according to official market data and technical charts.The
market maintained this level after a session marked by steady, incremental gains, reflecting persistent supply constraints and robust demand
from industrial consumers.The London Metal Exchange (LME) reported a cash settlement price of $10,045 per ton on July 2, with inventories at
93,250 tons, underscoring the ongoing tightness in physical supply.Traders observed that both LME and US-based contracts showed copper
trading just below recent highs
The Shanghai Futures Exchange (SHFE) closed with copper at 80,390 yuan per ton, while LME inventories remained near multi-year lows.These
figures confirm that physical supply remains tight, with backwardation in the futures curve signaling that buyers continue to pay a premium
for immediate delivery.Copper Maintains Upward Momentum with Steady Price Increases
(Photo Internet reproduction)Market participants attributed the firm price action to several factors
First, global warehouse stocks have not recovered from recent drawdowns, with LME copper stocks down sharply year-to-date.Second, ongoing
uncertainty over tariffs and trade policy, especially between the US and China, has kept buyers active in the spot market.Third, demand from
the energy transition and infrastructure sectors continues to support consumption, even as some industrial activity shows signs of
slowing.Technical analysis of the daily chart reveals a market in a clear uptrend
The price remains above key moving averages, including the 50-day and 200-day simple moving averages, which both slope upward.The Relative
Strength Index (RSI) stands at 69.4, indicating strong momentum but also suggesting that the market approaches overbought territory.The
Moving Average Convergence Divergence (MACD) indicator remains positive, with the MACD line above the signal line, confirming bullish
momentum.Bollinger Bands show that copper trades near the upper band, reflecting elevated volatility and the potential for short-term
Support levels appear at $5.07 and $4.95 per pound, while resistance remains at $5.22 per pound.Volume analysis confirms that recent price
moves have occurred on solid trading activity, lending credibility to the current trend
Over the past 24 hours, copper prices fluctuated within a narrow range, with no major breakouts or breakdowns.Market participants reported
steady volumes and continued interest from both industrial users and financial investors
ETF flows into copper-related funds remained positive, reflecting ongoing investor confidence in the sector.Macroeconomic factors also
The US dollar weakened further, making copper more attractive to buyers using other currencies
At the same time, expectations for stable interest rates and ongoing infrastructure spending in major economies provided a supportive
The technical indicators suggest that while the uptrend remains intact, caution is warranted as the market approaches overbought
conditions.Market participants will continue to watch inventory data, policy developments, and trading volumes for signs of a shift in
