LME Copper 3-months ($US/MT)

With the Middle East conflict and oil market shock driving risk aversion, copper is likely to start softer or trade cautiously early today, particularly as the US dollar and safe havens rally. However, because copper’s fundamentals (like industrial demand and supply/demand tightness) remain in focus, buyers are likely to remain active into any meaningful pullbacks.

• We continue to see Cu consolidating, albeit with an upside bias, after its strong rally from its April lows.