# Copper Analysis: Global Impact and Trading Outlook – April 12, 2025
## Section 1: Closing Prices and Weekly Trends
According to market reports, COMEX copper closed at $4.3210 per pound on Thursday, April 10, 2025, and further rose to $4.5075 on Friday, April 11, reflecting a 2.81% increase from the previous week’s closing price. Copper prices were highly volatile this week, primarily influenced by geopolitical and macroeconomic factors. Despite concerns about a global recession triggered by overall selling pressure in global commodity markets, copper showed resilience due to tight supply and technical support.
## Key Drivers Analysis
### 1. Trade Tensions
Trade relations remain a major driver of copper prices. On April 10, China officially imposed a 34% tariff on U.S. imports, initially pressuring copper prices. However, with the U.S. announcing a 90-day tariff suspension plan, market sentiment improved, driving a copper price rebound. As reported by BCA Research on April 10, “The drop in commodity prices is a warning signal of potential global economic recession risks.” This uncertainty has prompted investors to closely monitor U.S.-China trade negotiations.
### 2. Supply Dynamics
This week, supply issues in South America became the focus of the market. Strikes by miners in Chile and Peru threatened approximately 10,000 tons of copper production, supporting copper prices. Additionally, Chinese state-owned enterprises purchased 200,000 tons of copper inventory, further stabilizing market prices. These supply disturbances provided strong short-term support for copper prices, offsetting some negative impacts of weak demand.
### 3. Long-term Demand Outlook
Despite poor short-term economic data, demand from green energy transition and infrastructure construction continues to provide long-term support for copper prices. Specifically, in the renewable energy sector, the demand for copper as a key raw material is expected to grow steadily. This makes market participants cautiously optimistic about future copper prices.
## Technical Analysis
Currently, the trend in copper prices is neutral, but due to a lack of clear technical indicators (such as support and resistance levels, and moving averages), we primarily rely on price action and psychological levels for analysis.
– **Current Price**: $4.5075/pound
– **Support Level**: No clear data, but the market generally regards $4.3614 as an important recent support area.
– **Resistance Level**: Also lacks specific data, but $4.4568 is considered a key short-term resistance level.
From a technical standpoint, copper prices are near a resistance level, and future trends may depend on the upcoming release of U.S. CPI data on April 14 and the EIA crude oil inventory report on April 16. If the data is positive, copper prices may break through the resistance and continue to rise; if not, they may fall back towards the support level.
## Market Background
This week, global stock markets were mixed, with the S&P 500 index slightly up by 0.75%, while the European Stoxx 600 index fell by 0.5%. This reflects differing investor attitudes toward the pace of global economic recovery. Meanwhile, the U.S. dollar index hovered around the 98 mark, limiting the price increase space for dollar-denominated commodities.
## Outlook
Looking ahead to the next week, the market will focus on the following key events:
1. April 14 (Monday): U.S. CPI data release. If inflation data exceeds expectations, it may boost copper prices, as copper is often seen as a barometer of economic growth.
2. April 16 (Wednesday): EIA crude oil inventory report release. Since there is a link between energy prices and industrial metals, changes in crude oil inventories may indirectly affect copper prices.
Additionally, investors should pay attention to the market reaction to the April 2 update on U.S. reciprocal tariffs. If tariff policies soften, it will further ease trade tensions and provide upward momentum for copper prices.
In summary, although current copper prices are in a neutral range, supply-side uncertainties and long-term demand potential position them for possible growth. Data and events in the coming week will be key factors in determining the direction of copper prices.
*Disclaimer: This article is for reference only…*