Comex copper price is on track for a weekly loss even as the bulls remain in control during the holiday-shortened week. At the start of the week, it rallied to its highest level since late July before the profit-taking mode kicked in. Notably, the rally is in line with the surge reported in the London Metal Exchange (LME) where supply disruptions yielded a new record high at $12,960 per metric ton.
At the time of writing, Comex copper price was at $5.68 a pound. Since the start of 2025, it has risen by close to 40%.
Comex copper price ends the year on a steady note
Supply tightness has been the red metal’s key bullish driver in recent months. Besides, its long-term demand outlook remains positive amid intensive efforts on decarbonization, urbanization, and modernization.
With these bullish drivers, copper prices in London hit a new record high earlier in the week while those in the US rallied to a 5-month high. These gains are in line with the rallying observed across the crucial metal industry. Amid the persistent geopolitical uncertainties and supply constraints, precious metals like gold, silver, and platinum have recorded stellar performance in recent months. The market has been particularly upbeat in December, with these commodities steadily refreshing their all-time highs.
Nonetheless, some analysts have expressed their concerns that steady demand in the short term is needed to sustain the copper price rallying that has largely been fueled by supply tightness. Their woes are backed by the elevated US inflation, the struggling Chinese property market, and overall uncertainties over the global economy.
As the new year unfolds, investors will be keen on the US nonfarm payrolls data for cues over the state of the US economy. Besides, the expected stimulus from the Chinese government and further interest rate cuts by the Fed, will help bolster the red metal’s demand.
Comex copper price technical analysis
After bouncing off the support level of $5.56 in the previous session, Comex copper price eased slightly on Tuesday to trade below the crucial level of $5.75. At the time of writing, it was trading at $5.68.
Even with the pullback, it continues to trade above the upper trendline of the bullish channel that has largely shaped its price movements since late July 2025. Notably, it rose past that trendline about a week ago. With that, the recent pullbacks have been an opportunity for buyers to enter the market at a lower price.
A look at its daily chart hints at further gains in the near term. As part of the key indicators, Comex copper price has held steady above the 25 and 50-day EMAs. However, at an RSI of 59, the surge may be rather subtle. More specifically, the range between $5.56 and the resistance zone of $5.85 will be worth watching. Even with a further pullback, it will likely find support along the 25-day EMA at $5.45, below which this bullish thesis will be invalidated.
READ MORE: Best copper stocks to buy as prices continue the bull run
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