NewsFlash / Copper / US Economic Weakness Contrasts with Resilient Copper Market: Prices Show Strength Amid Volatility
US Economic Weakness Contrasts with Resilient Copper Market: Prices Show Strength Amid Volatility
iconApr 30, 2025 08:42
Source:SMM
[US Economic Weakness Fails to Mask Copper Market Strength: Copper Prices Show Resilience Amid Overnight Volatility]: On the macro side, the number of job openings in the US in March fell to the lowest level since September last year. In April, the Conference Board's Consumer Confidence Index in the US plummeted to a nearly five-year low. The US goods trade deficit widened to a record $162 billion in March. Some economists have stated that the widening trade deficit could drag down Q1 GDP growth by 1.9 percentage points, with market concerns emerging. On the fundamental side, as the Labour Day holiday approaches, downstream stocking has been active. In the Shanghai region, destocking has continued, and the availability of spot cargo in the spot market is tight, strengthening the seller's bargaining power and driving up spot premiums for copper cathode. Today, being the last trading day of the month, most enterprises will close their books for settlement, potentially reducing market activity. However, due to tight supply and persistent rigid demand, spot prices are expected to remain firm. On the price side, with robust downstream stocking ahead of the Labour Day holiday combined with concerns over tight supply, copper prices are expected to have upside room today.

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