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Investing.com -- Raymond James analysts told investors in a note on Tuesday that copper’s “negative seasonality in October” historically offers “an attractive entry point” ahead of a stronger period from November through April.
The bank added that the commodity’s technical momentum and a broader cyclical upswing signal a favourable setup for long-term investors.
Raymond James believes a “new intermediate-term (3-6 month) rally phase is underway” for Capstone Copper, Hudbay Minerals and is “attempting to take hold on Freeport-McMoRan.”
The analysts noted that “price momentum is strengthening,” “relative strength is trending higher,” and “volume is showing signs of buying pressure,” suggesting institutional accumulation.
“Our longer-term cycle work suggests that equity markets are beginning a new 4-Year Cycle and that 2026 should see a transition into Phase 2 of the Market Cycle Model, which should be a tailwind for cyclical commodities such as copper and lumber,” Raymond James wrote.
The firm added that the path of least resistance for equity markets “remains higher,” consistent with its view that “a new 4-Year Cycle (3-5 year cyclical bull market) began at the April 8th market lows.”
Technically, copper has “reclaimed key levels at the 200/50-day moving averages,” around $4.68 and $4.60, respectively.
“A multi-day close above these levels confirms the intermediate and short-term price trends are now up,” Raymond James said, calling it “a strong technical positive.”
The firm added this “opens the door for a test of important resistance near $5.22, followed by major resistance near $5.44,” implying 4% to 9% upside from current levels.