Overview
- Copper spiked above $14,500 a ton this week before sliding, with prices around $13,800 by Friday after the rapid rally faded.
- Chinese investor flows drove the surge, while indicators show soft physical demand and ample exchange inventories.
- Goldman Sachs cautioned that a second‑quarter pullback is likely, citing a potential refined‑copper tariff decision as a catalyst.
- A 50% US tariff on semi‑finished copper imposed in July 2025 encouraged stockpiling that analysts say has distorted recent demand signals.
- Longer‑term demand tied to electrification and data‑center build‑outs remains supportive, even as a weaker dollar and speculative activity amplified short‑term volatility.