May Copper futures hold 14% rally despite 8-year high stocks.

In the metals quadrant, May Copper futures experienced a minor pullback today but maintained a strong 14.29% gain from their March 23 low. Prices reached a high of 6.073 before settling near session lows, down 0.79%. While geopolitical tensions and ceasefire negotiations in Iran have created significant whipsaw price action, macroeconomic and fundamental factors remain a central focus. A tariff-driven divergence between COMEX and overseas warehouses has led to a significant influx of physical copper into U.S.-approved facilities, driving overseas stockpiles to an 8-year high. This accumulation of registered and eligible exchange stocks signals weaker demand conditions, potentially creating a visible ceiling for any sustained rally until physical demand draws down inventories.