Copper prices have been volatile since the beginning of the year with this volatility mostly driven by tariff risks and China’s uncertain economic recovery. Despite trade headwinds, copper prices are still up around 10% so far this year. LME prices remain underpinned by tightening supply, but softening Chinese indicators point to a widening divergence between domestic and international market dynamics. After plunging to the lowest since 2022 last month, SHFE copper stocks are rising again. Copper stocks in SHFE warehouses recently jumped above 100,000 tonnes – a one-month high. {chart} Amid rising domestic ... (full story)