Copper prices were trading at all-time highs just earlier this year. After failing to hold their breakout, prices rolled over and violated the lower bounds of a 12-month range.



The industrial metal has been in freefall ever since it took out its former lows around the $4.00 level. Copper is now in a 35% drawdown and on track for its sixth consecutive week of losses.

This selling pressure has sent prices back to a key level at the former 2018 highs. If this previous peak is violated, it will present structural damage for copper and could put the entire commodity bull market at risk. The $3.25 level could be the breaking point.