Copper prices are tracking the recent surge in hyperscaler stocks, yet analysts warn that structural headwinds are building beneath the surface.
The metal, which has traded at record levels this year driven by the energy transition narrative, is now facing fresh constraints that could dampen near-term demand growth.
MarketWatch highlights the divergence between the short-term momentum and the longer-term fundamental picture, suggesting investors should wait for a dip before adding positions.
The market is currently pricing in continued strength, but technical indicators suggest the rally is losing steam.
On the Multi Commodity Exchange (MCX), copper futures have encountered significant resistance at ₹1,320 and ₹1,340 per kilogram, capping a three-week price recovery.
This technical ceiling indicates that buying interest is waning at these elevated levels, even as the broader market sentiment remains bullish on industrial metals.