CPER Metals Research — August 2, 2026
CPER $39.56 — bullish above $39.75, bearish below $38.24
Line in the sand. CPER is the strongest chart on this list. Instead of a crash-and-rebuild pattern, the fund has been in a steady uptrend since the July 2025 base at $27.08, and its only real correction — from the $40.78 high (May 13, 2026) down to $36.12 (June 24, 2026) — was a shallow 11.4% pullback that's already been mostly reclaimed. Price closed today at $39.56, essentially back at the top of its recent range. The immediate pivot: clearing $39.75 (the July 21 swing high) opens a direct retest of the $40.78 all-time high; losing $38.24 (July 23's pullback low) would open a retest of the $36.12 correction low, though nothing in the recent data suggests that's the more likely path.
How the analysis was built. The weekly chart is a clean, single ABC uptrend: A at the $27.08 base (July 31, 2025), B at the $40.78 high (May 13, 2026 — a 51% run over roughly nine and a half months), and C at the $36.12 correction low (June 24, 2026). An ascending speed line from A through B, extended to the current week, still has price running near the upper third of its trend channel — there's no sign of the trend losing pace. The 61.8% recovery of the B-to-C pullback comes in at $39.00, and CPER has already closed above that level for over a week, which is a constructive sign relative to gold, silver, and the miners, none of which have recovered anywhere close to their equivalent retracement levels yet. The long-horizon 2B−C measured-move target, if the uptrend fully reasserts and extends, is $45.44.
On the daily chart, the correction-and-recovery shows up as B at $40.78 (May 13), C at $36.12 (June 24), and D at $39.745 (July 21 — the recovery high). The small ascending channel built off the post-C reaction highs (June 11, July 21) and reaction lows (May 19, June 24) still points up, and price is pressing against the top of it. A confirmed close above $39.75 would put the channel in acceleration mode with the May high at $40.78 as the next objective. This is the framing to lean on for CPER: unlike the precious metals and miners on this list, the copper chart argues for continuation, not reversal, as long as $38.24 holds.
Key Level Map
| Level | Type | Role |
|---|---|---|
| $45.44 | Wave projection 2B−C | Long-horizon target if the uptrend fully resumes |
| $40.78 | Annual containment (★★★★★) | May 13, 2026 high — B-wave peak, next resistance |
| $39.75 | Weekly containment (★★★) | Jul 21, 2026 swing high — immediate upside pivot |
| $39.00 | Wave projection C+61.8%(B−C) | Already reclaimed — now acting as confluence support |
| $38.24 | Weekly containment (★★★) | Jul 23, 2026 pullback low — immediate downside pivot |
| $36.12 | Annual containment (★★★★★) | Jun 24, 2026 correction low — C-wave anchor |
| $32.31 | Multi-week contain (★★★★) | Mar 20, 2026 swing low — pre-rally floor |
| $27.08 | Annual containment (★★★★★) | Jul 2025 base — A-wave anchor, origin of the uptrend |
Not financial advice. Analysis only.
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