Copper (CMX) Prices

05-02-2026 - Over the past month, copper prices have shown a slight decline, moving from $5.9245/lb to $5.826/lb, indicating a modest downward trend. The forecast predicts a further decrease to $5.724/lb, a 1.8% drop from the current price, suggesting continued downward pressure on copper prices. This trend is influenced by several factors, including a -$0.032/lb impact from Flows data, with Seaborne Imports & Exports and Exchange Rates playing significant roles. While Technical data hints at upward pressure, Demand, Flows, and Supply data point towards a decline.

The forecast aligns with a recent report from ICICI Securities, which advises selling MCX Copper February Futures at ₹1,325-1,330, aiming for ₹1,285, with a stop loss at ₹1,348. This strategy is based on anticipated resistance and a pullback from multi-month highs, driven by sluggish demand growth from China and increasing inventory levels. Specifically, stocks in the Shanghai Futures Exchange have risen to 145,314 tonnes, COMEX inventories have exceeded 500,000 tonnes, and London Metal Exchange copper stocks have reached a six-month high, all indicating weak demand growth. Additionally, the Yangshan copper premium, a measure of Chinese demand for imported copper, has dropped to $22 per ton from over $50 in a month, further signaling a slowdown in demand. Global tariff threats and regulatory crackdowns in China could also limit any potential price increases. This analysis supports the forecasted downward trend in copper prices.