Sharpest Weekly Drop in Copper Prices Since March

The news headline points to the sharpest weekly decline in copper since March and creates a negative sentiment in the short term. However, at the latest close the price stands at 6.26, just above the SMA20 (6.25), and the 24-hour change is +0.76%, positive; this suggests that part of the decline may already be priced in. RSI is at 47.6 in neutral territory, while MACD is slightly above its signal line (-0.010 vs -0.017) but still negative; momentum is weak and direction is uncertain. The failure to hold above the SMA50 (6.31) indicates that medium-term pressure persists. I therefore expect a moderately downward bias over the next 1-3 days, but with low confidence; a slip below 6.25 could increase selling pressure.

The sharp decline in copper prices reflects concerns about global manufacturing and construction demand; this serves as an indirect macro signal rather than a direct one for technology stocks such as GOOGL. GOOGL's technical picture is mixed: the price is below the SMA20 but above the SMA50, the RSI at 46 is in neutral territory, and the MACD is slightly above its signal line. Because the news is not a GOOGL-specific catalyst, its impact may remain limited. A sideways, range-bound course is more likely in the short term; nevertheless, weakening risk appetite could weigh slightly on technology stocks.

The sharp weekly decline in copper prices is a direct negative catalyst for copper mining stocks such as FCX and could increase selling pressure in the short term. The stock has already fallen 3.95% in 24 hours and is trading below its SMA20 and SMA50; MACD is in negative territory and below the signal line. With RSI at 42.6, it remains far from oversold territory, meaning there is not yet a strong basis for a rebound buying. Nevertheless, because MACD is approaching the signal line and part of the decline has already been priced in, a choppy/downward-leaning course is more likely than a sharp additional drop. In the 1-3 day outlook, downside risk is dominant, but a sudden recovery in copper prices could quickly reverse this view.