After six days of gains, copper prices faced a decline of nearly 3%, influenced by profit-taking and market caution amid ongoing global trade tensions. This bearish momentum follows significant recent bullish trends, with copper reaching an 8-month high in response to strong U.S. economic indicators, such as a positive manufacturing PMI and a lower unemployment rate. A supportive factor was the U.S. government’s exclusion of copper from new tariffs. The future of copper prices remains tightly correlated with trade dynamics, particularly with China, the largest buyer of this industrial metal.
Copper prices have recently declined nearly 3%, marking the first drop after a six-day bullish trend, influenced by profit-taking and market caution.
This correction comes amid ongoing global trade tensions, especially concerning the U.S.-China dynamic, as China remains the largest consumer of copper.
The U.S. government's exemption of copper from new tariffs on steel and aluminum had previously boosted prices, but recent profit-taking led to today's decline.
Copper prices are expected to closely follow international trade policies, particularly any escalation in the U.S.-China trade war, impacting global demand.
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