Copper futures for March 2026 delivery witnessed a turbulent week of trading on the COMEX, ultimately settling at $5.882 per pound. While the industrial metal ended the five-day period with a marginal decline of 0.25%, the price action revealed a fierce battle between bulls and bears, framed by broader questions regarding global economic growth and industrial demand.

A Week of Sharp Corrections and Recovery

The trading week began with significant optimism as Copper (HG=F) tested highs of $6.096 on Monday, February 3rd. However, this momentum proved difficult to sustain. Mid-week trading saw a sharp deceleration, with prices succumbing to selling pressure that pushed the contract down to intra-week lows near the $5.60 mark. This swift correction likely triggered stop-loss orders, accelerating the downward move before buyers stepped back in.

By Friday, the sentiment had shifted noticeably. The market staged a robust recovery, posting a daily gain of +1.061 (+1.05%) to close at $5.882. This late-week rally was crucial in mitigating what could have been a severely negative week, effectively paring the 5-day losses down to a negligible quarter of a percent.

Technical Resilience at Key Levels

From a technical perspective, the ability of the copper market to defend the $5.60 – $5.70 support zone is significant. The “V-shaped” recovery visible on the 5-day chart suggests that value investors and industrial buyers view dips below $5.80 as attractive entry points.

The volume of 55.24k and the recovery on Friday indicate that the longer-term bullish structure remains intact, despite short-term fluctuations. Market participants appear unwilling to let the price drift too far below the psychological $6.00 threshold for extended periods, reinforcing the metal’s status as a critical asset in the green energy transition and infrastructure development.

Macroeconomic Context

Often referred to as “Dr. Copper” for its ability to diagnose the health of the global economy, this week’s price action reflects a market grappling with mixed macroeconomic signals. The mid-week dip may have been driven by fluctuations in the US Dollar or temporary concerns regarding manufacturing output in key hubs like China and Europe. However, the quick rebound suggests that the fundamental supply-demand tightness—driven by electrification trends and limited mine supply—remains the dominant narrative for sophisticated investors.

Looking ahead, traders should closely monitor whether Copper can reclaim and hold the $6.00 level in the coming sessions. A successful consolidation above this resistance could open the door for a retest of the week’s highs. Conversely, a failure to maintain momentum could see prices re-testing the $5.70 support. Investors are advised to keep a watchful eye on upcoming manufacturing PMI data and currency fluctuations, as these will likely dictate the metal’s direction in the near term.