Copper Charts To Watch As Prices Slip Below $13,000/T

ING Economic and Financial Analysis5.23K FollowersFollow5ShareSavePlay(8min)CommentsSummaryCopper prices have come under pressure in recent weeks as macro headwinds combine with softer physical demand signals.Visible copper stocks across major exchanges have risen sharply in recent months.China’s smelters have continued to increase production despite tight concentrate markets and the collapse in treatment charges, supported by expanded smelting capacity and high operating rates.The LME cash-to-3M spread – a key gauge of physical market conditions – has moved closer to neutral levels after sharp spikes in backwardation earlier in the year. Vitezslav Vylicil/iStock via Getty Images By Ewa Manthey, Commodities Strategist Copper prices have come under pressure in recent weeks as macro headwinds combine with softer physical demand signals. A stronger US dollar, rising energy prices and escalating conflict in the MiddleThis article was written byING Economic and Financial Analysis5.23K FollowersFollowFrom Trump to trade, FX to Brexit, ING’s global economists have it covered. Go to ING.com/THINK to stay a step ahead. We’re sorry we can’t reply to individuals' comments.Content disclaimer: The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.This publication has been prepared by ING solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. For our full disclaimer please click here.