Copper Attempts to Break Its Mid-April $6.10 Spike – On the Way to New ATH?

Market Overview

Copper and other metals are experiencing significant price increases, driven by optimism surrounding a potential resolution to ongoing conflicts in the Middle East. This surge comes alongside a notable decline in the US Dollar, which has historically influenced metal prices.

Current Trends

Since the onset of the conflict in early 2025, the metals market has shown a unique trend, moving in tandem with stock prices rather than inversely as is typical. This correlation suggests that geopolitical tensions and subsequent relief efforts are heavily influencing market dynamics.

In particular, copper has outperformed gold, benefiting from a sharp drop in the US Dollar and is currently retesting its early April highs. The demand for copper is being bolstered by significant investments in AI infrastructure and the modernization of North America's electrical grid.

Technical Analysis

Daily Chart Insights

Copper has seen a 17% rise to $6.10, followed by a pullback of approximately 6%. The recent bounce back indicates strong bullish momentum, with prices testing the critical $6.10 resistance level. If this level is breached, the path to all-time highs around $6.50 appears clear.

4-Hour Chart Analysis

The intraday analysis shows copper forming a bullish channel, although the RSI indicates overbought conditions which may lead to a temporary consolidation. The next target for copper could be $6.20, contingent on the ongoing geopolitical developments.

Resistance and Support Levels

Resistance Levels:

• $6.10 - Early January 2026 and April Record
• $6.20 to $6.25 - Psychological Resistance
• $6.40 to $6.50 - Current ATH Resistance
• $6.52 - Current Record
• $6.90 to $7.00 - Potential Resistance

Support Levels:

• $5.76 - 4H 200-period MA / 50-day MA
• $5.70 to $5.90 - Momentum Pivot
• $5.40 to $5.50 - Minor Support at March 2025 Highs
• $5.18 - War lows
• $5.24 - 200-Day MA
• $4.90 to $5.00 - Major Monthly Support