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Copper Price Resumes the Rise – Forecast for July 5, 2024

Copper Price Analysis

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Expected Scenario

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The copper price has continued its bullish rally, surpassing the $4.5500 level and maintaining its position above it. This rise is bolstered by positive momentum from major indicators. The price is expected to reach the $4.7000 resistance level, which forms the next main target for bullish trades. Surpassing this level will likely confirm a move to a new positive station, potentially achieving additional gains starting at $4.820 and extending to $5.000.

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Supporting Factors

However, if the price fails to surpass the $4.7000 resistance, it might result in mixed sideways trades, with a chance of decline towards $4.4000 before any new positive targets are achieved.

Expected Trading Range

Today’s anticipated trading range for copper is between the $4.4500 support level and the $4.7000 resistance level.

Trend Forecast

The trend forecast for copper remains bullish.

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