Copper (Cu) has already tumbled over 8% from this month’s high as tariffs disrupted the market, prompting traders to rush to send Cu to the US before the tariffs took effect. However, as markets return to normalcy amid increasing fears of a global recession taking hold, Dr. Copper is out of vogue, and we cannot discount a retest of the $US4.00/lb area, where it was trading in January. This is one of our favourite narratives through electrification, but there’s no hurry just yet to get back in.
- We can see Cu testing $US4.00/lb in 2025, or ~17% lower.
MM is neutral towards Cu short term
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