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Copper Market Rally Loses Steam as Demand Fails to Keep Up

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Copper Notizia

Copper Prices,Copper Market,Copper Demand

Copper prices reverse gains made in May as a short squeeze-driven rally unravels amid tepid demand, leaving markets to seek a new bottom.

Via Metal Miner Overall, the Copper Monthly Metals Index MMI rose 3.48% from May to June. A short squeeze helped the price of copper peak at a new all-time high in late May, followed by a sharp downside correction. This resulted in an overall 3.7% rise from the close of April. CME copper prices then continued to retrace during the first half of June, wiping out all of May’s gains as they continued searching for a new bottom. Copper markets are constantly shifting.

steel prices skipped the uptrend witnessed across base metals throughout Q2. HRC prices have remained within an ongoing downtrend since the start of 2024, and now sit at their lowest level since October 2023. Meanwhile, domestic steel markets have started to report worsening demand as sticky inflation and delayed rate cuts by the Federal Reserve continued to pressure consumers and manufacturers.

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