Copper Fundamental & Technical Analysis

   - Bullish Outlook: Copper prices are expected to rise by year-end, supported by China's stabilizing economic policies, which may bolster market sentiment and support risk assets.
 
   - US Election Impact: Some volatility is expected around the U.S. election, but post-election clarity could encourage market participants to re-engage in riskier assets.
 
   - Refined Market Tightening: The supply-demand dynamics for refined copper are expected to tighten, which could stimulate a fresh round of speculative buying.
 
2. Technical Analysis:
 
   - Resistance and Support Levels:
 
     - Key Resistance: $10,000 per ton remains a significant resistance level that copper has not surpassed since September.
 
     - Support Levels:
 
       - Primary Support: Copper recently found support around the 50-day moving average in October.
 
       - Critical Support: If copper prices fall below the 50-day moving average, the next significant support level is the 200-day moving average, located at $9,376 per ton.
 
   - Moving Averages:
 
     - The 50-day and 200-day moving averages are key indicators. The recent bounce from the 50-day MA suggests positive momentum, with a potential for prices to break above the 20-day MA, signaling a possible uptrend continuation.
 
Key Levels:
 
   - Resistance Levels:
     - $12,000 (All-time high)
     - $11,104 (May 2021 high)
     - $10,845 (2022 high)
     - $10,259 (April high)
     - $10,000 (psychological level)
 
   - Support Levels:
     - $9,604 (20-day moving average)
     - $9,376 (200-day moving average)
     - $8,716 (December high)
     - $8,238 (December low)
 
The overall outlook for copper is positive, with technical support suggesting a potential upward move if it holds above the key moving averages. However, breaking below the 50-day and 200-day MAs could indicate a bearish reversal.