COPPER Analysis

Introduction

Copper is a widely traded industrial metal and a key indicator of global economic health. It is heavily influenced by supply and demand factors, including industrial production in major economies such as China, the US, and Europe. Copper prices are highly correlated with global economic growth and are often referred to as a leading indicator of economic activity. Key drivers include demand from the construction and electronics industries, mining output, and geopolitical events that affect supply chains. Economic data from China, such as manufacturing PMI, plays a particularly significant role in determining copper prices. Copper prices also react to changes in the US Dollar, as a stronger USD typically makes copper more expensive in other currencies.

Fundamentals and Interest Rates

The policy is with the current Interest rate 0%. Latest change was 0%.
On that side the Federal Reserve policy is Dovish and (FED) has set its interest rate to 4% by latest change, Oct 29, 2025 (-25bp).
(FED) Higher interest rates generally lead to higher returns on investments denominated in USD. This tends to attract foreign capital into USD assets.

Based on the economic and macro fundamental data, The Fundamental Bias of Copper is Weak Bullish and for the USD is -- Neutral.
Ziwox considering Weak Bullish bias for this asset and we anticipate long-term price increases. and Fundamental Score for USD is -6. So, base on the Fundamental Score, we predict mid-term downside price movement.

Market Overview & Performance

In the current trading session, "London & New York", Market risk sentiment is Strong Risk-OFF. The United States Dollar and Yen recorded the strongest performance, while the Gold and Switzerland Frank are weakest so far.

Currencies performance vs US dollar "USD"
Gold "XAU", recorded a -0.38% decrease against us dollar.
Euro "EUR", performance has been -0.26% down so far
Pond "GBP", performance has been -0.32% down as of now
Australian dollar "AUD", has dropped by -0.18%
New Zealand dollar "NZD", has dropped by -0.3%
Japanese YEN "JPY", experienced -0.09% fall
Swiss franc "CHF", experienced -0.32% fall so far
Canadian dollar "CAD", has lost -0.29%
Market risk sentiment is OFF, Investors seek safety, favoring safe-haven currencies and assets while selling off riskier investments.

Market Sentiment and Positioning

Copper COT (Commitments of Traders):

Institutions Net Position on >COPPER is 30230 included 72751 long, 42521 short and -118 position changed from last week.
So they mainly have a bullish view on this asset and bought Copper for higher prices in long-term.
Last week -118 repositioning Indicates closing positions, short-term profit-taking, or a general pessimism about prices.

USD COT (Commitments of Traders):

Institutions Net Position on >U.S. Dollar Index is -10344 included 14032 long, 24376 short and 2550 position changed from last week.
So they mainly have a bearish view on this asset and sold USD for lower prices in long-term.
Last week 2550 repositioning Indicates closed positions and short-term profit-taking.

Retail Traders:

Technical Levels and Support/Resistance

The COPPER pair is approaching a critical technical support level near 10740.78.
Technical trend is BUY, If the pair continues to weaken, this support could become a good area to enter a long positions.
On the upside, there is key resistance near 11145.38. Technically, A break above this resistance could signal a shift in momentum, but need to get a confirmation in this area due to the reversal or correction potential.