Copper: Losses extend on macro headwinds – ING
ING’s Warren Patterson and Ewa Manthey report that Copper on the LME is extending losses as inflation concerns linked to the Iran conflict, weaker Chinese data and a firmer US Dollar (USD) weigh on industrial demand expectations. Despite the pullback, Copper remains about 8% higher year-to-date, supported by earlier gains, tech-related demand, supply constraints and potential US tariff measures tightening global availability.
Macro risks pressure but supply supports
"Copper on the LME extended losses on Monday, pressured by inflation concerns tied to the Iran conflict and weaker Chinese data."
"Escalating tensions between the US and Iran, along with higher oil prices, heightened fears of prolonged inflation and a tighter policy response."
"The pullback comes after a strong run, with prices slipping from the recent highs hit just last week amid intensifying macro headwinds."
"Despite the recent softness, copper remains around 8% higher year-to-date."
"Near-term, copper is likely to remain under pressure as macro risks dominate."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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