LME Copper ($US/MT)

Copper trod water last week, not benefitting from the same tailwinds as gold – yet.  However, related stocks like BHP (+2.6%) and Sandfire (+2.4%) did encouragingly bounce after struggling through the back end of June. On the positive side, the late-June macro-driven correction was courtesy of a hawkish Fed and strong US dollar rather than a fundamental demand deterioration, attracting physical buyers relatively quickly.

• We remain bullish towards copper believing surprises are likely on the upside due to increasing demand from global electrification and the AI infrastructure build out.