Copper climbs near $13,000 as Dollar softens – ING

Copper Prices Approach $13,000 as Dollar Weakens and China Hits Growth Target

Copper prices surged back toward the $13,000 per ton mark, buoyed by a softer US dollar and renewed optimism after China achieved its GDP growth goal. According to ING commodity analysts Ewa Manthey and Warren Patterson, these factors have improved the outlook for industrial metals.

First Increase in US Copper Stocks Since September

After a period of volatility, copper rallied, largely influenced by broader economic trends and currency movements. The US dollar declined following former President Trump’s announcement of potential new tariffs targeting several European nations, which encouraged widespread buying across the metals sector. Additionally, China’s successful attainment of its economic growth target has helped restore confidence in demand, especially after recent periods of uncertain data.

In a notable shift, copper inventories stored in US warehouses monitored by the LME rose by 950 tons as of yesterday—the first increase since September 2025. This uptick comes after LME spot prices moved above Comex front-month futures, reversing last year’s trend that had drawn significant copper inflows into the US and tightened supplies elsewhere. This change may indicate that the severe market imbalances caused by tariffs throughout 2025 are beginning to ease.