Global copper prices have been rising lately amid US pre-emptive stockpiling and China’s economic stimulus

Copper prices extended their upward momentum, reaching multi-month highs as market participants reacted to China's economic stimulus measures and mounting concerns over global supply availability. The red metal, traditionally considered an economic bellwether, has demonstrated remarkable strength so far this year.

China's recent policy announcements aimed at revitalizing domestic consumption provided significant support to copper markets. As the dominant global consumer of industrial metals, China's 4% year-to-date growth in retail sales surpassed analyst projections, helping offset weaker demand from its property sector while maintaining strong overall consumption.

Supply-side factors contributed substantially to the price appreciation. Extraordinary import activity in the United States, where copper purchases reportedly reached 500,000 tons in recent weeks compared to a typical monthly average of 70,000 tons, reflected precautionary stockpiling ahead of potential tariff implementations. Market analysts cautioned that proposed 25% duties on copper imports could significantly distort trade patterns and intensify existing supply deficits by redirecting global trade flows.

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The supply outlook became more constrained following Glencore's decision to temporarily suspend shipments from its Chilean operations, injecting additional volatility into an already tight market. Concurrently, burgeoning demand from artificial intelligence infrastructure development and China's strategic focus on advanced manufacturing sectors reinforced expectations of sustained consumption growth. The broader base metals complex showed modest gains, with aluminium and nickel prices also edging higher.