Copper Cycle Exhaustion: The Downward Phase Has BegunCopper FuturesCOMEX_DL:HG1!PEKBITWe are observing a significant structural pivot as the asset enters a confirmed negative seasonal phase, with momentum metrics signaling clear exhaustion within the projected cycle range. This technical outlook is increasingly corroborated by foundational headwinds; specifically, we are seeing a marked cooling in industrial demand from key global markets, most notably China, where stagnation in the real estate and manufacturing sectors continues to suppress physical consumption. Simultaneously, the supply side is undergoing a transition as new mining capacity, sanctioned during previous peak price environments, finally hits the market, creating a structural surplus that is putting downward pressure on current valuations. Furthermore, the persistent strength of the USD continues to act as a hurdle, effectively increasing the cost of the metal for international buyers and eroding support levels. The confluence of these macro-fundamental factors, coupled with the precision of the current seasonal cycle breakdown, suggests a high probability of sustained downward mechanics. If you are looking for daily market analysis and structural insights, follow my new page at https://x.com/Edge7Research. I provide regular updates on cycle mechanics and market trends every day.