Global copper short-term outlook March 2021
The correction in the copper prices that emerged in the final days of trading in February continued into early March. A risk-off tone triggered the decline to drag three-month prices to a low of US$8570/t on 4 March. Although prices have since recovered, three-month prices have remained fairly erratic, trading within a US$8700/t to US$9200/t range during the month. Rising exchange and bonded stocks coupled with declining investor interest weighed on prices while the threat of supply disruptions and better than expected macro data have provided a positive underlying narrative for copper and supported the periodically stronger prices.