WEEKLY: Copper prices likely to remain range-bound with slightly weaker bias

The copper market over the last week showed a choppy yet strengthening trend against a backdrop of macro and policy uncertainty and a divergence between supply and demand fundamentals. In the short term, if upcoming key U.S. and Chinese economic data lean dovish, it could lift copper's price floor. Nevertheless, weak overseas economic conditions and ongoing policy uncertainty are likely to keep the upside in check.

Last week's average weekly copper prices across markets fell further week on week. Mysteel's China refined copper average spot price retreated by 0.52% or Yuan 411/tonne week on week to Yuan 78,329/tonne last week. The LME three-month (3M) average settlement price decreased by 0.41% or $40/tonne to $9,681/tonne. The