Copper prices moved higher despite weak economic signals from China, surprising markets that were bracing for softer demand. The rebound came as traders weighed near-term supply constraints and improving sentiment outside China, especially in the U.S. and parts of Europe. While China remains the world’s largest consumer of copper, investors appeared willing to look past short-term data softness, betting that infrastructure spending and energy transition demand will keep the metal relevant. The move reflects how commodities often trade on expectations, not just current numbers.

At the same time, supply-side dynamics played a quiet but important role. Ongoing mine disruptions, tight inventories, and cautious expansion plans have limited downside pressure on prices. Copper’s role in electric vehicles, renewable energy, and grid upgrades continues to underpin long-term demand, giving the market a reason to stay optimistic even when macro data disappoints. The result was a bounce that felt more structural than emotional.