Copper Under Pressure as China PMI Support Faces US Tariff Risk – Commerzbank

Commerzbank analyst Barbara Lambrecht highlighted that the LMEX index, which tracks base metals prices, continues to face downward pressure despite a slight improvement in China's manufacturing PMI. The index's reading above 50 signals expansion and offers some support for copper, particularly through demand linked to AI technologies.

However, uncertainty over potential US tariffs on metals imports is dampening sentiment. The combination of supportive Chinese data and ongoing trade risks keeps the outlook for copper mixed, with prices likely to remain range-bound in the near term.