Copper managed to advance last week but gains were reined in by fears the conflict would weigh on economic growth – this feels like another market poised to advance if/when the US and Iran can find a lasting resolution.
- We remain bullish towards copper, still believing surprises will be on the upside due to increasing demand from global electrification and the AI infrastructure build out from all parts of the globe.
MM remains bullish towards copper ~US$13,500/MT
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