Copper futures have reached a record high on the Comex exchange at $5.2145 per pound, driven by concerns over potential tariffs on imports by President Trump. The surge was also influenced by Glencore Plc’s temporary suspension of shipments from Chile due to a furnace issue, compounding supply constraints.
On the daily chart, copper has surpassed the previous all-time high of $5.1990 from May 20, 2024, marking an increase of nearly 29.5% since hitting a low of $4.005 on January 2. The momentum behind this price rise remains steady rather than sharply explosive.
Technical Analysis Overview
From a technical analysis perspective, the hourly chart indicates strong support levels. Recent price dips below the 100- and 200-hour moving averages were brief and quickly reversed, showing consistent buying interest.
For sellers to regain dominance, a decisive drop below the 100-hour and 200-hour moving averages would be necessary. Without sustained movement below these key thresholds, the outlook remains positive for buyers in the short term.
This latest jump in copper prices follows concerns that the United States could impose tariffs on metal imports, adding strain to an already tight market. Supply pressures were pushed further when Glencore halted shipments from its Chilean operations due to technical difficulties with a furnace. The news disrupted availability expectations, prompting traders to reassess positioning.
On the price charts, the metal has confidently pushed past the previous record set in May, completing a rise of nearly 30% since the start of the year. This ascent has not been erratic but rather a steady, persistent drive upward. Buyers have retained control, without the kind of sharp, disorderly surges that often accompany speculative frenzies.
Market Momentum And Support Levels
Technical indicators suggest continued resilience. On lower timeframes, price stalls below key moving averages have been short-lived. Dips under both the 100-hour and 200-hour moving averages were swiftly met with buying pressure, reinforcing these levels as areas of active support rather than clear breakdown signals.
For conditions to change in favour of sellers, a clean and prolonged break beneath these moving averages would be needed. So far, no such shift has materialised. Until that happens, momentum appears to favour those holding long positions.
