Copper (XCU) prices consolidate in a range after hitting the record level of $6.95 in September 2026. The broader trend for copper still remains bullish after gaining over 15% in 2026. The push by China to secure supplies and mitigate risks in Chile keeps copper availability in focus. The strong US factory orders offer support but the strong dollar and high cost of energy make buying more expensive. In my view, copper needs to stay above $6.50 and attract strong physical buying to recover. This article presents the developments in supply, market risks and technical levels that could shape the next move in copper.
Copper Price Forecast: Strong Dollar Limits Gains Despite Supply Risks
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Key Points:
- China’s push to secure copper supplies keeps supply risks in focus.
- A strong dollar and high energy costs could limit copper’s recovery.
- A break above $6.95 could bring $7.50 into view.