INSUBCONTINENT EXCLUSIVE:
Copper prices continue to struggle amid escalating global trade tensions, with COMEX futures currently trading at $4.17630 per pound, down
of $5.28 per pound reached on March 26.Asian markets saw limited copper trading activity overnight as investors remained cautious following
Chinese futures markets showed minimal recovery during their overnight session despite speculation about potential stimulus measures from
Beijing to counter economic headwinds.Recent Price ActionCopper has experienced a dramatic reversal over the past week:Last week saw
lossesThe metal officially entered bear market territory after falling 20% from its March peakTrading volumes have been elevated, with
significant liquidation of long positionsCopper in Crisis: Trade War Sends Metal into Bear Market Territory
(Photo Internet reproduction)Global Market ReactionThe copper sell-off has severely impacted mining equities worldwide:Freeport-McMoRan
suffered the steepest decline at 13.8% on April 4Glencore and Antofagasta fell more than 10%Teck Resources tumbled 12%Anglo American
declined 8.9%BHP and Rio Tinto dropped 9% and 7% respectivelyDrivers Behind the DeclineTrade War EscalationThe primary catalyst behind
triggered a broad market sell-offChina responded with plans for 34% tariffs on all US imports starting April 10Markets fear significant
Fitch Solutions unit.Recession FearsEconomic concerns have amplified selling pressure:JP Morgan has raised its probability of global
recession to 60% if current tariff regimes continueThe US stock market experienced its most volatile trading since the 2020 pandemic
However, they still project average prices to remain above $4 per pound throughout the year.Producer OutlookDespite market turbulence, major
for the upper end of its production range, targeting 1.39 million metric tons this yearCodelco plans to return to the bond market but is
evaluating timing amid current volatilityIvan Arriagada, CEO of Antofagasta, acknowledged trade war risks but highlighted potential offsets
per pound, with stronger support at the $4.14 levelMultiple moving averages have turned downward, confirming the bearish trendResistance
levels at $4.20 and $4.25 need to be cleared for any meaningful recoveryCurrent trading pattern suggests possible consolidation in the near
current headwinds, structural factors supporting copper prices remain intact:Supply constraints continue as ore grades decline
globallyRenewable energy expansion requires significant copper (solar installations need 5.5 MT per megawatt)AI technology boom could add
one million MT to copper demand by 2030The International Energy Forum estimates 194 new copper mines will be needed by 2050 to meet energy
transition demandMarket SentimentOverall market sentiment remains cautious, with traders hesitant to establish new positions amid high
Many analysts recommend staying on the sidelines until the trade situation clarifies and technical patterns show more definitive
