Since the China reopening rumours/news back in November 2022, Copper has been rallying strongly as the market expected more demand for the metal considering also that China is the world’s largest copper importer and consumer. Those expectations started to ebb as China’s factory recovery kept on disappointing and China’s copper imports even fell in the first quarter of 2023. We are also experiencing a global manufacturing slump as many Manufacturing PMIs keep falling deeper into contraction. All of the above, contributed to an unwind of the “China reopening trade” and we are now almost back at where we were back in ... (full story)