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Copper rally driven by tariff-linked inventory depletion
TD Securities says CTAs remain at maximum long exposure, with a nearby sell trigger around $13,500 per tonne after recent price reversals.
TD Securities analysts Ryan McKay and Bart Melek said copper’s recent rally has been driven mainly by supply-side factors tied to tariff-related inventory depletion.
They noted that copper prices reversed sharply after headlines indicated the White House had not yet decided on tariffs, but CTAs stayed positioned for further upside rather than reducing exposure.
The analysts said CTAs are still at maximum long exposure, and they flagged the nearest sell trigger around $13,500 per tonne.
FXStreet added that this assessment sits alongside broader market moves, including copper’s sensitivity to tariff headlines and positioning shifts, as traders monitor evolving policy expectations.
Latest closeCopper $6.857 ▲1.8%