Copper Prices Slip as Demand Signals Challenge Bulls, Gold Also Falls

Let's start with a copper question then a bit of a fade to the rally coming through today still come to be above 10 thousand 10,500, it had crossed above 11,000, it's up 27% year to date. Does the softness in the copper price in the session today suggests that maybe this has been overrun? I think what we're really seeing in copper today is this tussle between the short term demand and long term demand. So short term demand really you have the pullback brought about by pretty unimpressive economy. Still, we still have lots of questions about the property sector, lots of questions about consumer confidence. The long term of course, which has been fuelling this big speculative run. There's push past 11,000 we saw earlier this week. That's really about long term demand. That's really about the energy transition. It's about EVs. It's about ultimately what could be a shortage of the metal and that's what you're seeing today. The bulls perhaps straining to keep their optimism on the well. Straining to keep it up basically today. Yeah. The bulls straining to keep it up for today. And we'll see whether or not the the fundamental story is there for copper to give it, to give it further legs in the days and weeks ahead on on gold. Then Clara, a number of different catalysts and analysts appointing to whether it's the central banks buying of gold, whether it's geopolitics, whether it's Fed expectations, what, what for you is kind of the standout catalyst at the at the moment for the yellow metal. I think interesting thing that I would point to in in gold today actually is the China import figures if you like look at those figures, they are down quite significantly. And this if you think about the role that China has played, obviously you have big macro figure, big macro push for gold, you have the the inflation you have fed, you have geopolitical risks all over the place, all of which would be pushing gold higher. But then when you look at China, which has really been named as the single factor that has been pushing us to record levels, that is looking a tiny bit cooler. So today exports, a few weeks earlier we had central bank buying also a tiny bit cooler. So that really will be the one to watch. Prices are a little bit too high for the Chinese at the moment. OK, That's really interesting in terms of the slightly softer import numbers coming through from China on gold at 2416 right now per Troy Oz. The other, the other element when we loop back to the copper story of course, is the BHP bid for Anglo American, and particularly of course with the eyes on its copper assets, The deadline, then Wednesday, talk to us about where we stand on that story, then Clara. So we're approaching D-Day. The deadline of the takeover panel regulatory deadline is the end of the day in London tomorrow. So what we're waiting now is to see whether BHP will in the last minute put in a firm bid for Anglo American despite plentiful signals from Anglo American that perhaps it isn't quite ready to engage and certainly not at the current price. Or whether they walk away for six months. Wait and see what Anglo does with its strategy plan, whether it really can pull this off and then either come back with a lower price or or or take the to have a go at buying the rump, the good bits of Anglo American which will be left. And as you said, that really is a copper story of course going back to to the the sentiment that has been fueling the price ever higher.

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