Copper Futures (HG1)

Copper futures are trading in a downtrend on the charts. The contract closed at $6.2747 on November 11, 2026, up 0.33% on the session but down 1.71% over the past week and 6.53% over the past month. It sits below its 50-day and 200-day moving averages ($6.52 and $6.40), and it is 8.55% below its 52-week high of $6.8617, though still 27.66% above its 52-week low of $4.9150. Over the past year the contract has gained 24.26%, so the recent pullback is taking place after a strong run. For an investor, the key question is whether the price can reclaim the averages overhead, which act as the first test of whether the weakness is a pause or the start of a longer correction.

The contract is below both its 50-day SMA of $6.5184 and its 200-day SMA of $6.4050, and the 50-day average is still above the 200-day average by 1.77%. The price is 3.74% below the 50-day average and 2.04% below the 200-day average, which places it under both trend lines. The 20-day EMA at $6.3821 is 2.08% above the price, so even the shortest average is a short distance overhead. Together these readings describe a market that has lost upward momentum after a strong year. The weekly decline of 1.71% and the monthly decline of 6.53% confirm the direction.

The 14-day RSI reads 41.2, which is in the neutral zone and just above the bearish band. The MACD line is negative, which means shorter-term momentum is still pointing lower. Neither reading signals an oversold market, so the decline has not yet reached a point where it looks stretched. For an investor, that means the contract is moving lower without a sharp panic, and the next few sessions will show whether the RSI can hold its current reading of 41.2.

A strong year sits behind the pullback. The six-month return of 4.55% and three-month return of 4.71% both show declines, so the gain has been fading across the past half year. The contract's daily swings are modest, with a typical daily move of 1.33% based on 30-day volatility, which suggests the price is moving in measured steps rather than large jumps.

The base case is a sideways-to-soft period in which the contract trades between the 52-week low and the averages overhead. Copper's price has been held up by a one-year gain of 24.26%, but the trend has turned lower over the last month, which shows a 6.53% decline, and the price is below its 50-day and 200-day moving averages ($6.52 and $6.40). For the trend to improve, the price would need to reclaim the 20-day EMA and then hold above the 200-day SMA and the 50-day SMA, which would show that buyers are stepping back in. A move back toward the 52-week high of $6.8617 would require that sequence. The picture would worsen if the price loses the 200-day SMA and closes further toward the 52-week low, which would erase much of the gains of the past year. The MACD line is negative, and the RSI sits in the neutral zone at 41.2, so momentum is not yet pointing to a decisive move in either direction.

Support below the price: the 52-week low at $4.9150 is the nearest level beneath the contract and marks the bottom of its one-year range. The 52-week low is the nearest level below the price, so a fall would first meet that level at $4.9150. Resistance above the price: the 20-day EMA at $6.3821 is the nearest level overhead and the first one a rebound would need to clear. Next is the 200-day SMA at $6.4050, which sits just above it and forms a tight band of resistance with the EMA. The 50-day SMA at $6.5184 comes after that, followed by the 52-week high at $6.8617.