Copper punches above US$14,000/MT sending related stocks higher
Copper (Cu) rallied to its highest level since mid-May overnight, with LME copper rising 1.4% to US$14,066.50/MT as US stockpiling accelerated ahead of potential tariffs. More than 200,000 tonnes of copper arrived at US ports in July, the largest monthly inflow since IHS Markit records began in 2014, lifting copper producers across the region.
- What happens with regard to tariffs is a coin toss but ultimately MM sees Cu testing the US$15,000/MT level over the coming year.
On the ASX, Capstone Copper (ASX: CSC) rose more than 5%, Sandfire gained ~3%, while diversified miners BHP and Rio Tinto both gained more than +2% in early trade.
Japanese copper names were similarly strong, led by JX Advanced Metals (+5.5%), Mitsubishi Materials (+4.7%) and Sumitomo Metal Mining (+4.1%).
In US trade heavyweight Freeport-McMoRan Inc (NYSE: FCX) closed up +5.75%, taking it back within striking distance of its all-time high.
- MM remains bullish towards global Cu stocks targeting new highs into Christmas.
