Copper prices remain resilient at $6.45/lb, defying expectations of a sharp decline amid geopolitical tensions and oil surging past $150.
Copper prices have defied expectations, holding steady at $6.45 per pound on Comex despite escalating geopolitical risks and soaring oil prices. The metal, often seen as a barometer for global economic health, has resisted a downturn even as the Strait of Hormuz remains a flashpoint and energy costs spike, conditions that typically weigh on industrial demand.
Analysts had predicted copper could fall below $10,000 per tonne, with some forecasting a refined market surplus of 100,000–200,000 tons. Historical trends suggested a 25% drop from peak levels during macro shocks, yet copper trades near $14,200 per tonne, aligning with recent London Metal Exchange highs. The resilience contrasts with stagflationary pressures that typically curb demand for cyclical commodities.
The market’s unexpected strength has puzzled observers, as copper’s failure to decline challenges conventional wisdom linking industrial metals to energy shocks and growth slowdowns. No immediate price reaction was noted in the latest trading sessions, leaving traders to reassess bearish forecasts.