Macquarie says copper is oversupplied and overpriced
Market Trends · Mining.com ·
Macquarie warns that the copper rally has left the market overpriced and oversupplied, with global visible inventories rising by over 1 million tonnes since early 2025 and LME stocks at six-year highs. The bank sees mounting downside risks and warns prices are vulnerable to a deeper correction as fundamentals deteriorate.