Copper’s Slow Grind Boring Traders, But Technical Pattern Suggests Incoming Move: Bluntz
Bluntz shares a chart with his 338,000 followers on X, suggesting that copper is in the later stages of repeating silver’s explosive breakout from a multi-year ascending channel.
Ascending channels are often broken after price repeatedly knocks on the upper boundary, suggesting weakening resistance and an incoming repricing above it.
Bluntz says copper is essentially repeating the same playbook as silver’s rally from last year.
Says the trader:
The slow grinding upwards channel has lasted about 3 years now, and even though its been trending upwards the entire time, somehow people still get bored and move on because they have the attention span of a goldfish.
This channel eventually breaks out but we dont know exactly when. I suspect in the next 4-6 months or so but when it does, it will double FAST.
The timing on the trade is unclear, and while it could take months to play out, Bluntz says he’d “rather be 6 months early than one day late” in positioning himself. According to him, when the “real breakout” occurs, there won’t be a “2nd, 3rd, or 4th chance to position accordingly,” similar to the silver parabola of late 2025.
In a recent report, billionaire investor Frank Giustra detailed how copper was at the beginning of a “supercycle” – driven by an inevitable increase in demand due to the need to rapidly electrify many industries.
Data centers, EVs, solar and wind farms, charging lines, and the electric grid itself will all require unprecedented amounts of copper, according to Giustra.
He stated:
Copper stands on the brink of a ‘supply cliff’ – a structural, not cyclical, shift. The world needs six giant tier-one mines to come online every year through 2050 just to keep up with baseline needs, let alone the demand from electrification, data centers, and grids. That’s not going to happen.
At the time of writing, copper is trading for $5.83 and hasn’t moved nearly as much as gold, silver, platinum, and other metals. In fact, copper is only about 25% above its 2011 high.
FAQ
- Why are traders suddenly watching copper now? Copper is drawing attention because a popular technical setup (an ascending channel) looks similar to silver’s pre-breakout pattern, hinting at a potential upside “repricing.”
- What’s the key copper price pattern Bluntz is highlighting? He says copper has been “slow grinding” higher inside a ~3-year ascending channel, and repeated tests of the upper boundary can signal weakening resistance before a breakout.
- When could copper break out, according to Bluntz? He guesses the breakout could happen in the next 4–6 months, but stresses the timing is uncertain, and he prefers being early rather than missing the move.
- What’s the fundamental reason copper demand could surge in 2026 and beyond? Bulls cite an electrification-driven “supercycle,” where EVs, data centers, renewables, and grid upgrades boost demand as new mine supply struggles to keep up.
