Copper prices reached multi-month highs, driven by U.S. tariff concerns and recovering demand from China. Three-month copper on the LME increased to $9,769 per ton, and U.S. Comex futures rose to $4.86 per pound. Improving sentiments around U.S.-China relations and a possible ceasefire in Ukraine also contributed to the price surge.
On Wednesday, copper prices surged to multi-month highs primarily due to potential U.S. tariffs and an uptick in demand from China. By 1100 GMT, three-month copper on the London Metal Exchange (LME) rose 1.1% to $9,769 per ton, marking its highest level since November 5. Concurrently, U.S. Comex copper futures increased by 1.9% to $4.86 per pound, reaching levels not seen since May 29, 2022.
In conclusion, copper prices are experiencing an upward trend fueled by U.S. tariff considerations, anticipation of rising demand from China, and improved geopolitical sentiments. The substantial shipment of copper to the U.S. is depleting global inventories, thus supporting price levels. Analysts suggest that the underlying fundamentals for copper demand are notably improving.
Original Source: www.tradingview.com
