London Metal Exchange (LME) copper prices hovered around $14,440 per tonne during the midday session, fluctuating roughly within a $100 range of the all-time high set in January. Although trading activity was somewhat muted due to the U.S. Labor Day holiday, copper prices have still recorded a strong cumulative gain of more than 16% year-to-date. Overall, at these elevated levels the market has shown exceptionally strong demand support.
Judging from a convergence of technical and fundamental factors, this round of copper strength is not simply driven by speculation. It is the result of tightened supply on the one hand, and a long-term demand expansion narrative spurred by AI on the other. Expectations of potential tariff policies, along with the large volume of inventories shifted to the U.S. over the past year, have further intensified spot tightness. Marex’s senior metals strategist, Alastair Munro, also clearly stated that he remains bullish on copper prices, expecting them to set fresh record highs in the coming weeks; any pullback is, in his view, a signal for funds to add positions.
The unexpected strength in commodities is reshaping macro-fund logic. A weaker U.S. dollar index, combined with strong expectations for AI infrastructure, power grids, and data center construction, suggests that global industrial expansion momentum remains robust. As a leading indicator of the economic cycle, commodities consolidating at high levels often implies that risk appetite (Risk-on) has not cooled—if anything, it is concentrating toward the high-growth, high-optimism segments.
For the crypto market, the linkage between hard assets and risk assets is particularly worth watching. When commodities strengthen, it is often accompanied by reinforced expectations of globally looser liquidity. As capital looks for AI-driven incremental logic within traditional industrial metals, mainstream crypto assets such as $BTC may also benefit from the upward shift in macro risk appetite. Against a backdrop of abundant liquidity, the industrial commodities’ momentum-building move toward a breakout is injecting more bullish confidence into the broader risk-asset market.
#铜 #宏观经济 # commodities
Judging from a convergence of technical and fundamental factors, this round of copper strength is not simply driven by speculation. It is the result of tightened supply on the one hand, and a long-term demand expansion narrative spurred by AI on the other. Expectations of potential tariff policies, along with the large volume of inventories shifted to the U.S. over the past year, have further intensified spot tightness. Marex’s senior metals strategist, Alastair Munro, also clearly stated that he remains bullish on copper prices, expecting them to set fresh record highs in the coming weeks; any pullback is, in his view, a signal for funds to add positions.
The unexpected strength in commodities is reshaping macro-fund logic. A weaker U.S. dollar index, combined with strong expectations for AI infrastructure, power grids, and data center construction, suggests that global industrial expansion momentum remains robust. As a leading indicator of the economic cycle, commodities consolidating at high levels often implies that risk appetite (Risk-on) has not cooled—if anything, it is concentrating toward the high-growth, high-optimism segments.
For the crypto market, the linkage between hard assets and risk assets is particularly worth watching. When commodities strengthen, it is often accompanied by reinforced expectations of globally looser liquidity. As capital looks for AI-driven incremental logic within traditional industrial metals, mainstream crypto assets such as $BTC may also benefit from the upward shift in macro risk appetite. Against a backdrop of abundant liquidity, the industrial commodities’ momentum-building move toward a breakout is injecting more bullish confidence into the broader risk-asset market.
#铜 #宏观经济 # commodities