Copper Market Plunges 15% In Historic Sell-Off, Shows Signs Of Stabilization

(MENAFN- The Rio Times) TradingView data posted by analyst mattcamen early Monday morning reveals copper's dramatic price collapse over the past week. The metal currently trades at $4.37405 per pound, showing minimal change from yesterday but reflecting a staggering 15% drop from late March levels.

The price chart illustrates copper's precipitous fall from the $5.10-$5.20 range it maintained through most of early April. This steep decline began around April 3rd, accelerating into one of the most dramatic sell-offs in recent memory for the industrial metal.

Copper hit a low of $4.35130 during the weekend session before stabilizing slightly. This price level represents a critical technical breakdown, with the metal now trading well below all major moving averages visible on the chart.

Technical indicators paint a grim picture for coppe bulls. The orange trend line that previously provided support now looms overhead as resistance around the $4.70 mark. Multiple technical barriers exist between current prices and recovery.

The trading range remains volatile, with Monday's session seeing a high of $4.37780. Prices appear to be consolidating after reaching extreme oversold conditions following the sharp decline.



Copper's movement holds particular significance as the metal serves as a barometer for global economic health. Its widespread use in construction, electronics, and manufacturing makes it sensitive to economic outlook changes.
Copper Prices Plunge Amid Global Trade Tensions
The timing of this collapse coincides with escalating global trade tensions. Many market watchers view copper's dramatic fall as a signal that traders are pricing in potential manufacturing slowdowns and supply chain disruptions.

Most notable about this decline is its speed and magnitude. Copper had reached multi-year highs just weeks ago on supply concerns and infrastructure spending optimism. This sudden reversal showcases how quickly sentiment can shift in commodity markets.

Trading volumes likely spiked during the sell-off as stop-loss orders triggered cascading sales. The green candle visible on April 6th suggests some bargain hunters stepped in after the initial panic selling subsided.

Market participants now watch key support levels around $4.30, which may determine whether this represents a temporary correction or the beginning of a prolonged downtrend. The metal briefly dipped below $4.10 at the height of selling pressure.

Miners, manufacturers, and traders face a new reality after this price action. Projects that appeared economically viable at $5.00+ copper now require reassessment. Supply chains priced at higher levels must adjust to new market conditions.

As markets open fully on Monday, traders await signs of stabilization or further selling pressure. The green candle visible at current prices offers a glimmer of hope that the worst of the panic selling may have passed.

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