
Why the slide?
Chinese demand softening hard - Top consumer (>50% global use) pulling back post-Lunar New Year. Spot volumes slump, Yangshan premiums hit multi-year lows, refined demand shows negative/flat YoY growth in key sectors like construction/manufacturing.
Inventories surging - LME stocks up to ~330k–335k+ tonnes (highest since 2019). Global visible stocks top 1M tonnes (highest in 20+ years), signaling supply outpacing demand and adding pressure.
Macro weighing in - Stronger USD raises costs for non-US buyers, global growth worries, fading tariff/US stockpiling momentum, plus earlier high prices curbing demand while boosting scrap supply.
This looks like a post-euphoria reset after January's squeeze - but with China cracks and stockpiles building, is Dr. Copper diagnosing broader weakness... or just pausing before the green supercycle?
Dip buyers lurking. Load up or wait?
#Copper #DrCopper #Commodities #Markets #ChinaDemand
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