Key Moments:
- Copper prices moved back toward $13,000/t, recovering from prior volatility as macro and currency dynamics improved sentiment.
- A weaker dollar following tariff threats on several European countries and China meeting its GDP target supported broad industrial metals buying.
- US copper inventories monitored by the LME rose by 950 tons from zero, marking the first increase since September 2025 and hinting at easing tariff-driven market distortions.
Macro Drivers Support Copper Rebound
Copper prices advanced toward $13,000 per ton, reversing part of the previous week’s sharp swings as conditions in the broader macro environment turned more favorable for industrial metals, according to ING commodity strategists Ewa Manthey and Warren Patterson.
“In industrial metals, Copper climbed toward $13,000/t, rebounding after last week’s volatility. The move was driven largely by macro and dollar dynamics. Trump’s threat of new tariffs on several European countries pushed the dollar lower, sparking broad-based metals buying. Sentiment was further supported by China’s GDP meeting the government’s target. This helped stabilize demand expectations following weeks of mixed data.”
Shift in US Copper Inventories and Relative Pricing
Market focus also turned to inventory trends in the United States, where copper stocks held in warehouses tracked by the London Metal Exchange (LME) registered their first increase since September 2025.
“Meanwhile, Copper inventories in US warehouses tracked by the LME rose for the first time since September 2025. As of yesterday, they increased by 950 tons, climbing from zero. The build follows a notable flip in relative pricing with LME spot now trading above Comex front-month futures, reversing last year’s pattern that drew huge volumes of Copper into the US and left ex-US markets tight. This suggests the extreme tariff-driven distortions that defined much of 2025 may be beginning to normalize.”
Key Market Metrics
| Metric | Detail |
|---|---|
| Copper price level | Rebounded toward $13,000/t |
| Change in US LME-tracked copper inventories | Increase of 950 tons from zero |
| Inventory trend reference | First increase since September 2025 |
| Pricing relationship | LME spot now above Comex front-month futures |
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