Copper Price Rises 12% Driven by Trade Tariffs and China Stimulus
Copper is approaching record highs, raising interest among crypto traders due to its historical correlation with BTC. Key points include:
- Copper's year-to-date increase of 12% to $5.10 per pound on COMEX.
- The rally primarily driven by President Trump's trade tariffs, impacting U.S. and global economic forecasts.
- ING analysts caution that tariff news will continue to influence copper prices.
- Losses in the Aussie dollar-U.S. dollar exchange rate affect copper's price stability.
- China's recent stimulus plan aims to boost domestic consumption, potentially benefiting BTC and risk assets.
- The plan focuses on increasing household income and supporting spending amid external uncertainties.
Analysts suggest that while certain factors may appear bullish for BTC, the underlying causes of the copper rally warrant careful consideration.