Line in the sand: Copper has traded a fundamentally different pattern than the precious metals this year — a steady grind higher rather than a blow-off-and-crash. The cycle low sits at $27.71 on August 28, 2025 (A), rallying to an interim high of $40.44 on January 29, 2026 (B) — the same session gold and silver topped — before a sharp but comparatively contained correction to $32.305 on March 20, 2026 (C). From there CPER recovered steadily and, unlike GLD, SLV, GDX or GDXJ, has already pushed to a fresh cycle high of $40.965 on August 5, 2026 (D), exceeding the January peak. Today's $0.31 (-0.78%) pullback to $39.67 is mild by comparison to the rest of the complex. The July 21 swing high at $39.745 is the level to reclaim for renewed strength; the August 20 pullback low at $38.955 is the near-term floor — a close below it would be the first real crack in an otherwise resilient chart.

How the analysis was built: The weekly chart's speed line runs from the $27.71 August 2025 low through the $40.44 January 2026 high, tracing the primary A-to-B advance. What sets copper apart from the rest of the metals complex is that the measured-move projection C+61.8%(B−A) — the March low plus 61.8% of the A-to-B range ($12.73) — computed to $40.18, and CPER has already met and modestly exceeded that target with the August 5 print of $40.965. That's a structural tell: while gold, silver and the miners are all still trading well below their own equivalent projection targets and January/March highs, copper has already completed its measured recovery and broken to new highs. The daily chart's ascending speed line off the June 10 low ($37.715) through the August 5 high captures that final leg. The current pullback is shallow — price has given back less than 3% from the cycle high, well short of even a 23.6% retracement of the March-to-August advance — consistent with a market in consolidation near highs rather than reversing.

Key Level Map

Not financial advice. Analysis only.