Reported 4 months ago
As investors aimed to profit from the recent rally in industrial metals markets, copper continued to decline from a record high, while aluminum dropped from a two-year peak. Despite a sharp rally earlier this year due to supply constraints and positive global economic sentiment, the rapid increase in prices has raised concerns of a disconnect with the physical market. The interest in copper has been supported by improvements in manufacturing and industrial sectors, supply squeezes, and optimism about its use in renewables and AI. Consumers may re-engage if copper prices fall toward $9,500, but the downside appears limited as investors remain interested in buying during price dips. Current pressure on Chinese smelters due to ore shortages may further support metal prices.
Source: YAHOO