Comex copper futures are buoyed by improved Chinese export

COMEX copper futures are buoyed by improved Chinese export figures, staying firm at $4.07/lb. Reduced warehouse inventories globally are creating a tighter rollover spread, which often precedes upward price pressure in the near term. As the 2025 winter season approaches, the odds favor price weakness in meats and gasoline prices over the coming weeks and months. However, livestock futures remain at record highs and were elevated during the 2024/2025 offseason. Meanwhile, gasoline demand should decline as temperatures drop, but crude oil and oil products remain sensitive to events in the Middle East. "There's a reality that has to be dealt with, and the price of copper with a 50% tariff is not going to mean copper production in the U.S. goes through the roof tomorrow." COMEX copper futures saw a brief rally to $4.09/lb after news of increased commodity imports into India. Analysts suggest strong infrastructure spending in emerging markets will underpin copper demand in the next two quarters.