Copper rebounded from a one-week closing low after recording a third straight
weekly decline, as easing tech-sector selling and weaker crude prices reduced
global growth worries. Most Asian equity markets rose and US futures ticked
higher on Monday as risk appetite recovered; oil fell after reports President
Trump would give diplomacy more time before deciding whether to resume strikes
on Iran following midterm elections. Copper has traded in a relatively narrow
band around $14,500/ton for the past two months. Traders remain focused on
whether AI-related capex will sustain demand, the prospect of US tariffs on
refined copper imports, and the risk of wider Middle East escalation. Signs of
constrained mine supply are increasing: Chilean output fell to at least a
20-year low last quarter and is expected to recover only modestly next year.
Jefferies analysts said that, if global growth remains resilient, structural
supply challenges leave copper price risk clearly skewed to the upside.
