ING analysts Warren Patterson and Ewa Manthey report Copper trading near recent highs, supported by pre-holiday restocking in China ahead of Labour Day. This demand is offsetting macro and geopolitical uncertainty, while risks around the Iran conflict, stricter Chinese invoicing rules, and war-related supply constraints such as sulphur continue to shape the near-term Copper market balance.

Chinese restocking underpins copper prices

"Copper held near recent highs, supported by pre-holiday restocking in China, which is offsetting macro and geopolitical uncertainty."

"Buying ahead of the Labour Day holiday has provided near-term support following the recent pullback."

"In China, stricter enforcement around invoicing may weigh on spot activity and slow inventory draws."

"Supply-side risks linked to war-related disruptions, especially constraints on inputs such as sulphur, continue to underpin the market."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)