Copper prices on the LME have settled at a lower level of just over $9,600 per ton, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Copper smelter output rise sharply again in June
“On the Copper market, it remains to be seen which developments are sustainable and which are due to demand having been brought forward due to the US tariffs that come into effect on August 1. This also applies to the latest production figures for refined Copper in China.”
“The National Bureau of Statistics reports that Copper smelter output rose sharply again in June. At 1.3 million tons, it was 14.2% higher than in the previous year. Production was undoubtedly attractive thanks to high Copper prices, which compensated for lower processing fees.”
“With the slowdown in demand from the US (and the onset of price corrections), incentives are likely to decline.”
