Copper prices slip below $13,000 per ton amid mounting pressures. Macro headwinds including a stronger US dollar and rising energy costs are weighing on the market, while physical demand signals have weakened considerably. Visible copper stocks across major exchanges have surged in recent months, adding to supply concerns. China's smelters continue ramping up production despite tight concentrate markets, supported by expanded capacity and high operating rates. The LME cash-to-3-month spread, a critical indicator of physical market tightness, has moved toward neutral levels after earlier spikes in backwardation. These developments suggest a shift in market dynamics as traders reassess copper's near-term outlook amid geopolitical tensions and economic uncertainty.
