Supply expectations significantly heat up, global copper market revises higher

Due to the continuous increase in warehouse inventories at the London Metal Exchange in Asia, copper prices came under pressure and declined during Asian morning trading. ANZ Bank analysts pointed out that following a significant 10% surge in production last year, the further release of supply potential is exerting pressure on market confidence. Additionally, as LME Asian inventories rebound, market sentiment, which was previously tense due to expectations of artificial intelligence and electricity infrastructure development, is gradually shifting toward concerns of recent oversupply. Currently, the LME three-month copper contract has fallen 0.9%, trading at $12,922 per ton, a clear retreat from the record high of $13,387 set in January this year.