Copper: Macro risks cap upside potential – ING

ING analysts highlight that Copper remains more sensitive to macro conditions than Nickel, with prices falling for a fourth day on geopolitical uncertainty and global growth concerns. They note some support from improving Chinese physical demand and tighter inventories, but stress that sustained Copper upside likely requires clearer easing of geopolitical risks and a more constructive industrial outlook.

Macro headwinds weigh on Copper

"Copper, meanwhile, remains more sensitive to the macro backdrop. Prices dropped for a fourth day, amid ongoing geopolitical uncertainty and concerns over global growth."

"Although improving physical demand signals in China — including tighter inventories after post‑holiday restocking — are offering some support, overall sentiment remains fragile."

"Sustained upside in copper is likely to depend on clearer signs of easing geopolitical risks and a more constructive outlook for industrial activity."

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