Copper: Energy costs and supply shape outlook – ING

FXStreetApr 21, 2026 11:51 AM

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ING analysts Warren Patterson and Ewa Manthey report Copper has eased after recent gains but remains near two‑month highs, with macro headwinds and tighter monetary policy weighing on industrial metals demand. Aluminium prices stay supported by supply disruptions in Gulf producers, where March output fell 6% to 15,963 tonnes per day, according to industry data.

Industrial metals face mixed drivers

"In base metals, copper edged lower after recent gains, but continues to trade near two-month highs, while macro headwinds are slowing down momentum."

"Higher energy prices and sticky inflation risk keeping monetary policy tighter for longer, weighing on the industrial metals demand outlook."

"Aluminium prices remain supported by ongoing supply disruptions in the Middle East."

"Production in Gulf countries dropped 6% to 15,963 tonnes a day in March, according to data from the International Aluminium Institute."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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