Current situation:

  • The producer price index for copper tube and fittings was up 0.8% month-over-month (down 0.1% in the last update) and was down 3.3% year-over-year (also down 3.3% Y/Y last month). 
  • Copper closed at $2.81 on Jan. 9, up 9% in the past 90 days.  

Key factors that could affect supply or price:

Copper warehouse inventories are at their lowest levels since last March, bolstering the price and the easing of U.S./Iran tensions, but who knows how long that will last? Obviously, the stock market took the easing and the overall business environment as very positive signs, also helping prices to tick up. However, with the dollar strengthening, it could curb copper’s rebound.