Copper Breakout

GS Commod Desk: breakout (almost)

FRIDAY, PRE RALLY

Summary:

Copper rallied by 4% this week reaching a high of $9,500/mt today on 98th percentile volume, breaking the YTD stalemate between a strong Chinese physical bid around $9,000/mt and tariff related macro headwinds, that has kept vol close to 5y lows, before retracing into the close on talk of recipro…