Copper notched another weekly win - 11 out of the past 12 - after setting a record earlier this month. So far this year, prices are up nearly 17%. Traders piled in on expectations that the Trump administration would slap tariffs on refined copper, a bet that spurred a rush of shipments into the US and made supplies tighter in other markets.
China's demand signals are flashing green. The Yangshan premium, a widely watched measure linked to the Shanghai port, reached $124 a ton on Friday, the strongest reading since November 2022. At the same time, domestic copper output in China edged down in August compared with July.
The Federal Reserve raised rates this week for the first time since 2023 and left the door open to further tightening. Even so, copper largely shrugged it off, despite the fact that higher borrowing costs usually cool appetite for industrial materials. On the LME, other base metals were mixed, with zinc up 1% and nickel down 0.7%. For more context, see "Deluge of Copper Arriving in US Leaves New Orleans With Logjam."
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Analysts at BMI, part of Fitch Solutions, wrote, "We expect base metals to remain mostly range-bound in the coming weeks as supply-side risks offset a fragile macro backdrop." They also noted that markets are still waiting for a clear decision on US copper tariffs. Translation for your wallet: prices may bob around as investors weigh supply risks against a still-wobbly global outlook.
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