The "tariff run" in the copper market represents a speculative shift as traders and importers front-load refined metal into the US to circumvent a proposed 15% tariff effective Jan 2027, rising to 30% in 2028. This rush to secure domestic supply before the tax becomes a binding constraint pushed COMEX inventories to record highs, exceeding 547,000 metric tons by early 2026, with over two-thirds concentrated in New Orleans.
Simultaneously, the market contends with a structural "demand surge" driven by four primary disruptors: the global energy transition, grid modernization, rising defense spending, and exponential growth in AI data centers. Artificial intelligence infrastructure acts as a potent driver, projected to consume 500,000 metric tons annually by 2030. Hyperscale projects, such as the OpenAI Stargate initiative, may require up to 50,000 metric tons of copper per facility for power and cooling systems.
Consequently, Copper prices remain elevated.
Technical Analysis
XCUUSD briefly tested resistance at 6.1350, then fell below the EMA21, and currently trades between EMAs, signaling ongoing consolidation. Prices might trade range-bound between 6.0300–6.1350 pending a momentum shift signal.
If XCUUSD breaches above 6.1350, prices might reach the next resistance at 6.4200.
Conversely, if XCUUSD breaches below 6.0300, prices may find support at 5.9500 or 5.7200.
By Van Ha Trinh - Financial Market Strategist at Exness
Simultaneously, the market contends with a structural "demand surge" driven by four primary disruptors: the global energy transition, grid modernization, rising defense spending, and exponential growth in AI data centers. Artificial intelligence infrastructure acts as a potent driver, projected to consume 500,000 metric tons annually by 2030. Hyperscale projects, such as the OpenAI Stargate initiative, may require up to 50,000 metric tons of copper per facility for power and cooling systems.
Consequently, Copper prices remain elevated.
Technical Analysis
XCUUSD briefly tested resistance at 6.1350, then fell below the EMA21, and currently trades between EMAs, signaling ongoing consolidation. Prices might trade range-bound between 6.0300–6.1350 pending a momentum shift signal.
If XCUUSD breaches above 6.1350, prices might reach the next resistance at 6.4200.
Conversely, if XCUUSD breaches below 6.0300, prices may find support at 5.9500 or 5.7200.
By Van Ha Trinh - Financial Market Strategist at Exness
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.