Copper: Daily Read | 2026-10-22

Copper closed the last session near $6.48, 1.4% lower and down near the floor of its one-month range. The one-month average sits near $6.62, and price is below it, so that line is the pivot the two-way traffic keeps returning to. Momentum has cooled over the last two weeks, roughly 1.5% down, leaving the structure as a pullback, slipping under the one-month average while the longer trend still points up. The levels that matter are $6.93 overhead, the past month’s swing high, about 6.9% above here, with $6.42 below as the shelf that has held, roughly 0.9% down; the $6.60 and $6.40 round numbers are the nearer handles. Zoom out and the last three months have ranged between $5.97 and $6.93, which frames the bigger picture. For now the tilt is bearish: a close above $6.93 would open room toward $7.13, while losing $6.42 would put $5.97 back in view.

Key levels: support $6.42 (0.9% below), resistance $6.93 (6.9% above), one-month average $6.62, three-month range $5.97 to $6.93.