Copper helps carry the world’s data — and the hopes of some inflation-wary investors.
The red metal, beloved of mining executives and climate change strategists alike, has soared in price since early February. Up more than 26 per cent on the London Metal Exchange (and more in the US, where prices hit a record this week), the metal is one of the top-performing commodities this year. But this looks more of a speculative rally than one driven by fundamental market changes.
Had demand for copper surged, it should be visible in Chinese trade data. That country represents 40 per cent of world copper imports. China has plenty of copper smelters but lacks enough domestically mined copper concentrate to feed them. But growth in copper ore import volumes has slowed in the past year, after a post-pandemic surge into 2023.