The outlook for a

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The outlook for a

汇通财经2026/05/12 09:54

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Copper prices retreated from over three-month highs on Tuesday, as hopes for a Middle East peace deal were dashed after Trump rejected Iran’s proposal. This led to a rise in crude oil prices, raising concerns over energy supply and inflation, while traders await the imminent release of US inflation data.
Three-month copper on the London Metal Exchange was quoted at $13,894 per ton, down 0.41%, after hitting a more than three-month intraday high of $13,983. The main copper futures contract on the Shanghai Futures Exchange closed up 2.10% at 105,510 yuan per ton, retreating from its intraday high of 108,400 yuan.
Economists expect US April CPI year-on-year growth to reach 3.7%, the largest in two and a half years. This may reinforce market expectations that the Federal Reserve will keep interest rates unchanged for a longer period, weakening hopes for a rate cut.
On the supply side, although Freeport denied reports of further delays in launching the Grasberg mine, concerns over tight copper concentrate supplies remain. In addition, the Peruvian government has authorized state-owned Petroperu to seek a $2 billion government-guaranteed loan, sparking worries that fuel supply shortages could affect logistics at the country’s mines.
The market expects China’s refined copper imports to possibly rise in the second quarter. Robust demand and a slowdown in domestic production during smelter maintenance have underpinned copper prices.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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