Copper is starting to roll over, signaling that the recent hype across metals may be losing momentum — and copper was a big part of that trade.
What’s driving the weakness?
China demand remains soft: Refined copper imports are down roughly 20% YoY
Yangshan premium stays low: A key indicator of China’s buying interest, still signaling weak appetite
China matters most: The country consumes nearly 60% of global copper, so slow demand there outweighs gains elsewhere
While U.S. data centers and infrastructure are increasing copper usage, it’s not enough to offset China’s slowdown. Without a rebound from China, sustained upside in copper looks difficult.
Bottom line:
If China doesn’t reaccelerate, copper — and the broader metals trade — may continue to face pressure.
