Copper Futures US cents 659/lb

Copper (Cu) has been hit with a powerful Muhammad Ali like one-two in recent sessions:

• Initially, Reuters reported that the White House had not yet made a decision on refined copper tariffs
• Now a potential wind-back in AI spending could also reduce expected demand for Cu.

With over 200,000 tonnes of copper stockpiled in the US ahead of an anticipated tariff, and a market long Cu for all the reasons we’ve discussed through 2026, the Cu price could easily experience another ¬20% correction – it’s already experienced two in the last 3-years.

• We can see copper testing $US6.00/lb area as headwinds increase, or ¬5% lower.