LME Copper has stalled near strong resistance at 13,400, with weakening momentum suggesting a potential near-term consolidation, Société Générale's FX analysts note.

Copper faces consolidation risk below 13,400

"LME Copper met strong resistance near 13400 earlier this month, causing the recent up‑move to stall. The daily MACD, which had reached multi‑year highs, has now slipped below its trigger line, signalling fading upward momentum and possibility of a pause."

"LME Copper is near a steeper ascending trend line; a short‑term consolidation cannot be ruled out within limits of recent pivot low near 12300 and 13400. A cross above 13400 would confirm the next leg of the uptrend."