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2025-12-16 21:24:47
[Copper Prices Fluctuate at High Levels, Year-End Liquidity Shortages Amplify Volatility Risk] ⑴ Three-month copper on the London Metal Exchange (LME) fell 0.2% on Tuesday to settle at $11,635 per tonne, as the market remained cautious ahead of key US employment data and year-end liquidity tightened. ⑵ Analysts point out that in a liquidity-scarce environment, price volatility in base metals is amplified, making the entire sector prone to sudden and sharp fluctuations at the end of the year. ⑶ Copper prices have risen 33% so far this year, on track for their biggest annual gain since 2009, driven primarily by mine supply disruptions, US inventory outflows, and expectations of surging demand from AI data centers and the energy transition. ⑷ Commodity strategists believe the core issue lies on the supply side, expecting the market to shift from surplus to shortage next year. While current demand is weak, the market is more focused on the long-term demand outlook driven by global electrification. ⑸ The Yangshan copper premium, a measure of import demand, remained stable this week at a two-month high of $42 per tonne, providing some support for copper prices.
