Copper prices surged into Monday morning’s trade after a solid Gap up at the open. Prices peaking at almost +6% at the highs as investors weighed in the impact of potential new Trump tariff threats on US Copper imports, along with Friday’s announced increase in Steel and Aluminium tariffs. We also saw a softening in the US $ trade earlier in Monday’s session further supporting that steep uptick in Copper’s PA.

From a technical perspective, looking at YVWAP – the market was quickly rejected at VWAP upper band, confluence with LVN area. This is a key area of RES that the Bulls have been unable to reclaim thus far. Keeping the Market in balance with over 6 weeks of rotational play at or around Value. Looking at MVWAP, initial open saw the Gap up and a move into
imbalance. The market is now being held firm under POC and DVAH since it’s earlier rejection, twice testing DVAL in the last 6 hours. Weekly composite shows the bulls are just outside of Value area with a bearish PSAR and continued rotational play with the bulls finding SUPP at all short term EMA’s.

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