Copper rose initially at the open on Thursday, only to turn things around. This is still a market that is bullish in the longer term, though.
Copper
Copper initially tried to rally during the trading session on Thursday but gave back gains at the $6.40 level as interest rates continue to climb in the United States. That can work against commodities and metals in particular.
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Long-Term Demand Drivers and Technical Outlook
But I think longer term, you still have to look at this as a market that probably has more upward momentum than down, mainly due to the fact that the demand for copper is only going to go higher with the electrification of the economy, and of course, data centers. And supply is not markedly moving higher.
When you look at the longer-term chart, the market has been straight up in the air since August of 2025. The initial sell-off had a lot more to do with Donald Trump talking about tariffing certain copper products.
All things being equal, this is a market that is probably going to remain a buy on the dip type of situation. And I have no interest in trying to get too cute here. I think it is probably only a matter of time before we break out to a fresh new high. It may take a while. Copper does, for the most part, tend to be a little bit choppy.
But the longer-term trend remains, and therefore I am just looking for little drops that have a bounce shaped like a V that I can take advantage of the momentum that comes back into the picture. All things being equal, this is a market that I look for opportunities to take advantage of cheap copper. I have no interest in shorting.
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