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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.
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