WEEKLY: Macro support to lift copper prices, while weak demand to cap gains

Supply disruptions at mines, China-U.S. trade talks, a weaker U.S. dollar, strengthened rate cut expectations and China's domestic policy expectations boost market sentiment, but demand weakness under high copper prices remains a concern that cannot be ignored.

Price Review: Copper prices trended higher with volatility last week. Mysteel's China refined copper average spot price increased by 0.37% or Yuan 316/tonne week on week to Yuan 85,520/tonne. The London Metal Exchange (LME) three-month (3M) average settlement price for the week was at $10,704/tonne, with a gain of