Copper rebounded toward $13,000/t as a weaker dollar and China meeting its GDP target lifted sentiment in industrial metals, ING's commodity experts Ewa Manthey and Warren Patterson note.

US Copper inventories climb for first time since September

"In industrial metals, Copper climbed toward $13,000/t, rebounding after last week’s volatility. The move was driven largely by macro and dollar dynamics. Trump’s threat of new tariffs on several European countries pushed the dollar lower, sparking broad-based metals buying. Sentiment was further supported by China’s GDP meeting the government’s target. This helped stabilize demand expectations following weeks of mixed data."

"Meanwhile, Copper inventories in US warehouses tracked by the LME rose for the first time since September 2025. As of yesterday, they increased by 950 tons, climbing from zero. The build follows a notable flip in relative pricing with LME spot now trading above Comex front-month futures, reversing last year’s pattern that drew huge volumes of Copper into the US and left ex-US markets tight. This suggests the extreme tariff-driven distortions that defined much of 2025 may be beginning to normalize."