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2025-07-28 16:43:06
【Alarm bells sounded in the copper market, Wall Street collectively predicted a price crash?】 ⑴ Many institutions unanimously warned that the US copper market is cooling down and the destocking cycle is about to start. ⑵ Citigroup predicts that US import demand will decline as domestic inventories accumulate, and predicts that copper prices will fall to $8,800 per ton in the next three months. ⑶ JPMorgan Chase is also cautious, believing that the previous concentrated import behavior will subside, and expects the London copper price to fall to $9,100 per ton in the third quarter. ⑷ Macquarie data shows that the arbitrage spread between CME and LME copper prices has disappeared, and copper import demand is expected to fall sharply from 200,000 tons per month to 30,000 tons in the next few months. ⑸ Goldman Sachs analyzed that Trump's tariff remarks may exacerbate inflation and curb economic growth, and believes that the risk of copper prices rising to more than $10,000 in the third quarter has been reduced. ⑹ ING believes that once the tariffs are implemented, US buyers will begin to digest inventories and copper imports will stop. ⑺ S&P predicts that as US imports slow, copper stocks in other regions such as LME may gradually recover. ⑻ Chile, the world's largest copper supplier, raised its average copper price forecast for this year to $4.28 per pound, while its forecast for next year remained at $4.30 per pound. ⑼ Freeport-McMoRan stressed that the final copper price will still be determined by global supply and demand.
