Copper Seen Lower as Tariff Distortions Unwind, TD Securities Says

TD Securities takes a cautious view on copper's recent strength. Its analysts attribute the move largely to speculative positioning, tariff-related arbitrage flows and supply disruption headlines, rather than a broad improvement in underlying global demand.

As those tariff distortions unwind, the bank expects prices to move lower. The call frames current strength as technical and event-driven rather than a signal of tightening physical fundamentals.