Copper Deficit Deepens on US-China Rivalry: What It Means for LME Copper

In a report lifting copper price forecasts on US-China competition for metal, the analysis argues that the physical market remains tight, with visible ex-US copper cathode stocks at seasonal lows as the two economies compete for a limited pool of refined metal. Copper prices reached an all-time high of almost $14,900/t in September before correcting on lower US tariff expectations, then recovering on renewed Chinese buying to trade in the $14,000–$14,500 range.


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