ING strategists Ewa Manthey and Warren Patterson say Copper prices on the LME are retreating after Monday’s rally that followed a temporary pause in US strike plans on Iran. Tehran’s denial of talks has weighed on sentiment, but the roughly 10% monthly drop has attracted renewed Chinese demand, with Mysteel data showing the largest weekly inventory draw of the year.

LME prices ease but inventories draw down

"Copper prices on the LME fell around 1% this morning, giving back part of Monday’s rally after President Trump announced a temporary pause in planned US strikes on Iran’s energy infrastructure."

"The renewed decline followed Tehran’s denial of any ongoing negotiations."

"Copper is down around 10% this month, though the pullback has attracted renewed Chinese buying."

"Mysteel data shows inventories fell by 78,700 tonnes last week to 486,200 tonnes – the largest weekly draw this year – highlighting improving physical offtake after the recent correction."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)