Growing Copper Inventories Put Bearish Cloud on Markets
A wave of pessimism is spreading through the global copper market as rising inventories collide with weakening demand. Even before geopolitical tensions linked to the U.S.-Iran conflict raised alarms about global growth, sellers were already struggling to move cargoes. This came as China’s appetite slowed and traders pulled back from shipping metal to the U.S. after tariff-driven opportunities faded. On one side now, physical copper markets are showing clear signs of oversupply, with warehouses filling rapidly. On the other, futures prices remain elevated, supported by investor optimism. The key question now is how long this disconnect can last. In recent weeks, producers and traders have increasingly pushed copper into the spot…