The Copper price only briefly exceeded the $11,000 per ton mark, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

Chance for further downward correction in the Copper price

"Weak economic data from China and the news that the important Grasberg mine in Indonesia has partially resumed operations have taken the wind out of the price's sails. Although industrial production in China increased compared to the previous year, momentum has slowed compared to previous months. This also applies to metal production, which in itself is positive for the Copper price."

"Were it not for weak domestic demand. In particular, the renewed downturn in the real estate market is clouding the outlook for demand. The combination of robust production and weak domestic demand suggests that China will export more metal. This is also being reported by industry sources, as Reuters reports. It is estimated that Copper exports in October exceeded 100,000 tons, which would bring total exports this year to a record high."

"Another reason is the high LME Copper price, which is encouraging increased exports. The development of inventories shows only a slight increase in supply from China, however. Inventories have only been rising slightly again since the beginning of this month. However, if the trend continues, this is likely to favor a further downward correction in the Copper price."