An analyst at Dongwu Futures said copper climbed in Asian morning trade but
intensifying macro headwinds are clouding the outlook. After Democrats’ midterm
sweep of Congress, investors are reassessing US tariff prospects, and rising
concern that tougher regulation could curb an AI-related demand premium has
added pressure. Copper concentrate supply remains tight and spot treatment
charges (TCs) are low amid annual long-term contract talks; demand remains weak.
Near term, despite longer-term supply support, copper is likely to stay volatile
with a downside bias.
