LME Copper stockpiles on the US rise – Commerzbank

FXStreet Insights Team FXStreet

Copper inventories at US warehouses tracked by the LME rose for the first time since December 2023, up by 175 tonnes, ING's commodity experts Ewa Manthey and Warren Patterson note.

China’s refined Copper output rise 15% year-on-year

"In the first half of the year, inventories were moved to the US from LME and SHFE warehouses, largely driven by US prices trading above the benchmark LME prices. The divergence came as the US announced a 50% tariff on Copper imports. However, the tariff was later only applied to semifinished Copper products; refined and concentrate imports were exempted."

"As a result, Comex prices returned largely in line with the LME prices. However, it still trades moderately higher, providing traders with an incentive to move metal into Comex rather than LME depots."

"Meanwhile, the latest numbers from the National Bureau of Statistics (NBS) show that China’s refined Copper output rose 15% year-on-year to 1.3mt in August, primarily driven by stronger ore purchases. Among other metals, zinc output rose 23% YoY to 651kt (the highest level since March 2024), as smelters benefited from higher fees and improved ore supply, whereas lead production increased 3.7% YoY to 667kt for the period."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD softens below 1.1800 on Fed hawkish remarks

The EUR/USD pair edges lower to around 1.1775 during the early Asian session on Wednesday, pressured by a renewed US Dollar demand. Traders await the US President Donald Trump's State of the Union address later on Wednesday for clarity on fiscal policies.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold consolidates below $5,150 as traders await Trump's State of the Union address

Gold steadies below the $5,150 level following the previous day's pullback from the monthly peak as traders opt to wait on the sidelines ahead of Trump's State of the Union address. In the meantime, trade-related uncertainties and geopolitical risks seem to act as a tailwind for the safe-haven bullion. However, the Fed's less hawkish outlook underpins the US Dollar, which, along with a positive risk tone, caps the upside for the non-yielding yellow metal.

Coinbase launches stocks and ETF trading amid ongoing plans for all-in-one platform

Coinbase has launched stocks and ETF trading for US customers on its platform, according to an X post on Tuesday. The service offers commission-free trading available 24 hours a day, five days a week, for eligible securities. Traders deposit US dollars or USDC to fund positions and access fractional shares as low as $1.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.