Technical Outlook - Copper's Weakness: It Trades Like a Stock Puppet Copper's upward trajectory could hinge on continued stock-market gains. My graphic highlights the record-setting metal's same-chart syndrome with the Bloomberg World Exchange Market Capitalization since 2015. Round-number resistance at $15,000 could play out akin to $10,000, which held a lid on copper in 2021-25. The metal's almost 50% premium to its 60-month moving average on Sept. 18, roughly matches a similar extreme when it first flirted with $10,000 in 2021. This level has likely transitioned to a floor from a ceiling and is now at about the 60-month mean. Copper has been lagging behind the rapidly advancing stock market since roughly 2023. It may take some consistent divergent strength in the metal to indicate it's more than just a stock puppet. The 2025 close at $12,466 is a good initial retracement support level. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tljyh6rkv2uo {BI COMD} #copper #stockmarket @BBGIntelligence