Analysts at RBC Capital Markets, which spotted this shift, say the news reflects the dichotomy between a resilient U.S. economy and a weaker China, the latter of which has gobbled up the yellow metal to fuel its infrastructure building.Another key factor, they say, is the global shift from manufactured goods toward services.
The RBC analysts say copper has traded around a resistance level of $3.50 to $3.75, which is slightly higher than the prior period of moderating China growth from 2011 to 2019, but below the $4.75 peak during the pandemic. The lead copper contract HG00, -0.55% has been flat this year, compared to the 17% rise for the S&P 500 SPX.
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