Copper is consolidating after a volatile week. Rzzro's LME read is $13,370/mt, while recent research sources show the CFD benchmark moving between $6.19/lb and $6.37/lb. That places the market above the psychological $13,000/mt support zone but below the $13,700/mt resistance band.
The technical picture is being shaped by two fundamentals. First, supply deficits keep buyers from fading rallies too aggressively. Second, rate expectations and China inventory signals limit upside. SHFE copper has stayed elevated, but warehouse data show that Chinese restocking is still selective.
For buyers, the practical line is simple: $13,000/mt is the floor to defend, and $13,700/mt is the first zone to avoid chasing. A clean break above resistance would shift the hedge posture from selective coverage to broader coverage.
Add incremental coverage on pullbacks toward $13,000/mt. Avoid new long-term coverage above $13,700/mt unless TC/RCs turn more negative or LME stocks fall for two consecutive weeks.