We believe copper prices are likely to stay supported, at least for now, if the LME stocks withdrawals continue. China copper exports might provide some relief to depleted LME inventories.

If US tariffs on copper are implemented, this is likely to be bearish for copper prices, with the wave of copper rushing to the US likely to stop, at least for a while, and consumers are likely to then start to work through their inventories. This will also likely improve availability of copper ex US and weigh on copper prices.