Copper

Societe Generale’s Commodity Compass, authored by Michael Haigh and Jeremy Sellem, highlights how El Niño 2026-2027 could constrain copper output in the African Copperbelt.

ING analysts Ewa Manthey and Warren Patterson report that LME Copper has extended gains on tight physical conditions in China, falling inventories and holiday-related restocking, even as investor positioning remains subdued.

ING’s Warren Patterson and Ewa Manthey highlight that Copper is retreating as calls from major technology executives to slow AI development hit tech stocks and dampen expectations for data-centre investment.

ING’s Commodities Strategist Ewa Manthey notes that Copper has dropped sharply after a Reuters report suggested a US decision on refined Copper tariffs is still pending, highlighting how a tariff premium has driven prices beyond fundamentals.

TD Securities analysts Ryan McKay and Bart Melek report that Copper’s recent rally has been driven mainly by supply-side factors linked to tariff-induced inventory depletion.

• Aggressive profit-taking and downstream consumer resistance drove the copper price retreat. • Physical market demand softened as high prices delayed orders in China. • Technical indicators show a MACD buy signal and a neutral RSI.