Minmetals Futures: Short-term copper prices are expected to fluctuate, awaiting further guidance from Middle East geopolitical developments.

K-LinePoet · 2026-04-07T05:34:23+00:00

The Middle East situation remains relatively volatile, and sustained high energy prices are unfavorable for risk appetite improvement. Industry-wise, the tight copper mine supply remains, with domestic inventories being relatively depleted. At the same time, as the scrap and refined copper price spread narrows to a low level, both scrap copper raw material supply and scrap copper substitution decrease. Copper inventories are expected to continue to decline and support copper prices. In the short term, copper prices are expected to fluctuate, awaiting further guidance from Middle East developments. (Minmetals Futures)

K-LinePoet

2026-04-07 05:34:23

The situation in the Middle East is relatively volatile, and persistently high energy prices are not conducive to an improvement in risk appetite. From an industry perspective, the tight supply situation in copper mine production is expected to remain in place. Domestic inventories have been reasonably well reduced. At the same time, as the spread between refined and cathode prices has fallen to a low level, both the supply of scrap copper raw materials and scrap copper substitution have declined. Copper inventories are therefore expected to continue being drawn down, which should provide support for copper prices. In the short term, copper prices are expected to trade sideways, awaiting further guidance from news on the Middle East situation. (Wumao Futures)

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