Copper: Rally pauses as Chinese demand signal softens – Commerzbank
Commerzbank’s Barbara Lambrecht observes that despite falling LME Copper stocks and trimmed output guidance from a major producer, the recent Copper rally is losing momentum.
Commerzbank's Barbara Lambrecht notes that the recent copper rally is losing steam, as evidenced by falling LME copper stocks and a revised production forecast from a major producer due to weather conditions. The import premium for copper at China's Yangshan port, a key indicator of China's demand, has cooled off, falling below $100 per ton from a multi-year high of $115.
Upcoming International Copper Study Group data and potential US tariff decisions are also seen as potential factors affecting copper prices. The International Copper Study Group's monthly report, which typically covers supply and demand figures for the first half of the year, is expected to provide further insight into the recent price trends.
Copper prices have risen following the Democratic Republic of Congo's announcement to restrict exports of copper concentrate. LME copper stocks have been falling for 40 consecutive days, reaching their lowest level since February.
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