The Copper price was one of the biggest losers among base metals since 2 April, starting the week by falling by more than 15%, Commerzbank's commodity analyst Barbara Lambrecht notes.

Copper price falls by more than 15% since 2 April

"However, it was able to make up some of the losses in yesterday's trading. Ultimately, the price was down 10% by the end of the day. The fact that the market was overheated, particularly on the Comex, due to tariff fears probably contributed to the larger drop."

"According to initial reports, the mood at Cesco, the largest meeting of the Copper industry currently taking place in Chile, appears to be divided: The Chilean Copper commission Cochilco, for example, expressed a rather cautious view and believes that the price peak has probably passed this year. The trade war between the USA and China in particular would be a major burden."

"Meanwhile, Chile's state Copper producer was more optimistic ahead of the meeting and emphasised the good long-term demand prospects on the market. The world's largest Copper producer also reported a slight increase in production for the first quarter compared to the previous year, despite temporary shortfalls. The company is targeting production of just under 1.4 million tons for the year as a whole, marking the second consecutive year of increased production."