The rush of money that flowed into copper and the other commodities at the start of the year following China’s re-opening has been steadily wound down over the past couple of months. The change in direction is partly owed to profit-taking but also to a shift in sentiment, as the recovery in Chinese demand failed to live up to expectations following the New Year break. However, over the final trading days of March, copper prices had traded back above the US$9,000/t level. This coincided with seven consecutive days of LME stock withdrawals. Whether the price can hold above US$9,000/t and even move higher will depend on further market-driven catalysts. Much will depend on definitive signs of a rebound in the Chinese economy and across the rest of the world, and risk-on appetite from investors.