LME copper three-month continues to trade within a defined range, with $13,370/mt marking the 10-day low and $13,716/mt the high. The $13,500/mt level has served as reliable support, tested three times since June 5, each hold drawing fresh buying.
The narrowing range suggests a build-up of directional tension. A resumption of the structural uptrend would be confirmed on a daily close above $14,000/mt, a level that has capped prices since the May highs above $14,500/mt.
On the downside, a break below $13,370/mt (the June 10 low) would open a path to the $13,000/mt psychological level, where 50-day moving average support sits. However, the macro backdrop — structural deficits, tariff risk — favors the upside.
The relative strength index at 58 is neutral-bullish, leaving room for upside without entering overbought territory. Volume patterns show accumulation on dips below $13,500/mt, suggesting institutional buyers are defending support.
COMEX copper futures are trading at a premium to LME, reflecting tariff-hedging demand from US importers. This cross-exchange divergence is a tactical signal for traders: the arbitrage may persist until tariff policy is clarified.
Buyers should place limit orders at the $13,370-13,500/mt support zone for Q4 coverage. A close above $14,000/mt would signal a structural breakout — in that scenario, accelerate H1 2027 procurement to lock in prices before the next leg higher.