Copper is trading close to recent highs, according to ING analysts Warren Patterson and Ewa Manthey, thanks to pre-holiday restocking in China ahead of Labor Day. Macroeconomic and geopolitical unpredictability is being countered by this demand, but the short-term balance of the copper market is still being shaped by the Iranian conflict, tighter Chinese invoicing regulations, and supply restrictions associated to the war, such sulfur.
Copper prices are supported by Chinese restocking.
"Pre-holiday restocking in China, which is countering macro and geopolitical concerns, kept copper close to recent highs."
"After the recent pullback, purchasing ahead of the Labour Day holiday has provided short-term support."
"Stricter enforcement regarding invoicing may weigh on spot activity and hinder inventory withdrawals in China."
"The market is nevertheless supported by supply-side risks associated with war-related disruptions, particularly limitations on commodities like sulfur."
Copper prices are supported by Chinese restocking.
"Pre-holiday restocking in China, which is countering macro and geopolitical concerns, kept copper close to recent highs."
"After the recent pullback, purchasing ahead of the Labour Day holiday has provided short-term support."
"Stricter enforcement regarding invoicing may weigh on spot activity and hinder inventory withdrawals in China."
"The market is nevertheless supported by supply-side risks associated with war-related disruptions, particularly limitations on commodities like sulfur."
