Copper prices slipped further on Thursday, breaking below the critical support level of $4.5400 as bearish momentum, driven by negative signals from stochastic indicators, dragged the metal to an intraday low of $4.4200. The move also positioned prices below the 55-day moving average, reinforcing the current downtrend.
The sustained bearish pressure suggests further downside is likely in the near term, with technical analysts eyeing a potential drop toward the $4.3200 level. To reverse the bearish outlook, copper would need to generate a significant bullish breakout and hold above the $4.6600 level, which aligns with the 50% Fibonacci retracement zone.
For today’s session, the anticipated trading range is between $4.3800 and $4.5800, with the prevailing trend bias leaning bearish.
