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Copper rally faces tariff roulette, but fundamentals remain tight
Copper has extended its rally in 2026, trading around 14% higher year-to-date and roughly one-third above levels seen a year ago. While the magnitude of the move has raised concerns about demand destruction and speculative excess, the underlying story continues to strengthen. Mine supply is struggling to keep pace with demand, smelters are fighting over scarce concentrate, strategic stockpiling remains widespread, and US tariff uncertainty is pulling metal away from the rest of the world. At the same time, copper demand is becoming increasingly tied to strategic sectors such as power infrastructure, electrification, ... (full story)
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- Jun 4, 10:15am | 28 hr ago Posted byFundamental Analysis48
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