Automatic wave scan: as of 6 Nov 2026, the automatic daily count for Copper is Wave 5 down with a bearish bias. The count stays valid while price holds 6.6415.
Current Copper wave count
Automatic wave scan Updated daily from the latest daily close (6 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave decline that began at 6.8300 on 22 Sep 2026. Next levels to watch are 6.1428 and 6.0839. The count fails on a daily close above 6.6415.
Key levels
| Type | Levels |
|---|---|
| Resistance | 6.6415 · 6.3595 |
| Support | 6.1500 · 6.0155 |
| Invalidation | 6.6415 |
What is Copper?
Copper futures trade on COMEX in US dollars per pound and on the London Metal Exchange in dollars per tonne. China consumes roughly half of the world's refined copper.
Demand from power grids, renewable energy and electric vehicles has grown, while new mines take many years to develop. Chile is the largest producer, followed by countries such as Peru and the Democratic Republic of the Congo, according to the US Geological Survey.
What moves the Copper price?
- China's economy: Construction and factory activity in China are the biggest demand drivers.
- Energy transition: Grids, EVs and renewables use more copper.
- Mine supply: Strikes, outages or lower ore grades can tighten supply.
- US dollar: A weaker dollar usually supports copper.
- Trade policy: Tariffs on copper imports have caused large price gaps between markets.
How Copper moves in Elliott Wave terms
Copper's big cycles often match the global business cycle, and its waves tend to be clear on weekly charts. Long consolidations usually take the form of triangles or flats before a new trend starts.
Comparing copper with AUD/USD and global stock indices can help confirm major turns.
Tips for counting Copper waves
Watch Chinese factory data (PMI) and the AUD/USD chart.
Copper key facts
Copper Elliott Wave FAQ
Why is copper called Dr. Copper?
Because its price often signals the direction of the global economy, as if it had a doctorate in economics.
Which country uses the most copper?
China, which accounts for roughly half of global refined copper use.
How do electric vehicles affect copper?
EVs use several times more copper than petrol cars, mainly in motors, batteries and wiring.
Sources and further reading
- Mineral Commodity Summaries (U.S. Geological Survey)
- Copper futures contract specs (CME Group)
- Copper (Wikipedia)
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