Copper and Iron Prices Start the Week with Gains

Metal prices gained value following the release of the US June non-farm payroll data. On the London Metal Exchange (LME), the three-month copper contract rose to $13,446.50, while on the Dalian Exchange, September iron ore futures reached 740 yuan. The rise in markets is attributed to supportive declining inventory levels. This is not investment advice.

📊 COPPER — Piyasa Yorumu

▲ up · 65%

The news headline indicates that copper prices started the week with gains, which could create a short-term positive sentiment. Technical indicators also support this view: the RSI is at 56.7, above the neutral zone, and the MACD line is above the signal line, suggesting that upward momentum may continue. Additionally, the price is trading above both the 20-day and 50-day moving averages, confirming a short-term uptrend. However, a slight decline in the last 24 hours and the RSI not approaching overbought territory suggest that the upside may be limited. Therefore, I am moving with moderate confidence in the upward direction.

RSI 14

56.7

MACD

0.02

24h Δ

-0.23%

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