Copper price recovers, but the physical market is still well supplied – Commerzbank

Source Fxstreet

The Copper price can make up further ground after the Easter break. Recent statements from the ranks of the US government regarding a possible de-escalation of the tariff dispute with China should ensure that the recovery can possibly continue for a while longer, Commerzbank's commodity analyst Carsten Fritsch notes.

Copper rebounds on trade hopes

"This is because hopes are likely to grow that the currently high tariffs between the two economic powers will soon be lowered again, which would minimize the damage to both economies. However, in view of the fundamental situation, we remain cautious about the further upward potential of the Copper price."

"According to the International Copper Study Group (ICSG), the global Copper market was recently still adequately supplied. The supply surplus totalled 150 thousand tons in January and February, with a small deficit of 49 thousand tons on a seasonally adjusted basis. Compared to the same period last year, the supply situation has hardly changed."

"This is surprising given the fears of a shortage of Copper ore, which could lead to a reduction in metal processing. However, both metal processing and demand remained relatively stable compared to the previous year. This could still change. This is because the US tariff dispute could affect metal processing in China, the dominant producer country, as well as reduce global demand."


Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Pattern Breaks: Price Near ATH, But HODLers Still Not SellingOn-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
Author  Bitcoinist
Yesterday 10: 06
On-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
placeholder
Unlocking Future Growth? Alibaba Raises $1.53 Billion via Zero-Coupon Bond to Boost Cloud and Global ExpansionOn July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
Author  TradingKey
Yesterday 10: 02
On July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
placeholder
Silver Price Forecast: XAG/USD consolidates right below $37.00 in risk-off marketsSilver consolidates the previous two days' gains and remains pinned near $37.00.
Author  FXStreet
Yesterday 09: 59
Silver consolidates the previous two days' gains and remains pinned near $37.00.
placeholder
USD/JPY slumps to near 144.30 as Yen’s safe-haven demand increasesThe USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
Author  FXStreet
Yesterday 09: 57
The USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
placeholder
Non-Farm Payrolls Deflate Rate Cut Hopes with 147,000 New JobsOn Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
Author  TradingKey
Yesterday 09: 45
On Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
Related Instrument
goTop
quote