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Copper price remained unchanged at Rs 1,339.35 as the heavy sales of technology stocks suppressed the mood of the broad market, while the US midterm elections increased concern by the win of Democrats that increasing regulatory pressure could slow down AI infrastructure investment and reduce the demand for copper in the future. But the lack of supply-sides supported and prevented further losses. The premium of copper in yangshan of China reached 210 dollars on the ton, which is the second highest level after the tracking began since 2012, indicating the strong demand of imported metal
Meanwhile, the stocks monitored by the Shanghai Futures Exchange decreased by 24.1% and reduced from last Friday and showed a decline of more than 75% over the last six months. China’s pure copper import increased by 20.7% in September, a total of 461,000 tons, which shows improvement in shopping
Although there is still more supply in the global market, the International Copper Study Group (ICSG) reported that the surplus of pure copper in August was 132,000 tons, while the reduction in July was 45,000 tons. The total surplus in the first eight months remained 218,000 tons, which was 158,000 tons compared to the previous year. ICSG estimates that global net copper surplus will grow from 104,000 tonnes in 2026 to 368,000 tonnes in 2027, as mining and refinery production will increase. The production of pure copper will increase 0.4% in 2026 and 3.4% in 2027, while the consumption will increase 1.5% and 2.5% respectively. In the supply side, Chile’s Cochilco reduced production outlook due to the lack of operational disruption and mining supplies, but the average copper price for 2026 set $6.18 per pound and $5.95 for 2027. Production weakness in Chile’s large operations such as Codelco and Escondida also highlights supply challenges
Technically, the market is getting short coverings, the open interest decreased by 0.29% to 7,324 contracts while the price only increased to Rs 0.05. Copper is now finding support at Rs 1,335.50, after that Rs 1,331.50, while resistance is at Rs 1,343. Recovery can rise up to Rs 1,347 if this level crosses permanently
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Conclusions for Copper Traders:
In short, technical support levels are looking strong and are likely to remain stability in price due to lack of supply, but keep track of global surplus and regulatory risks