In today’s briefing:
- Copper Tracker 26th May 2025: TSF Momentum Dampened on Trump Tariffs in April
Copper Tracker 26th May 2025: TSF Momentum Dampened on Trump Tariffs in April
- The narrative surrounding China’s front-loaded stimulus faced some headwinds as April’s total social financing (TSF) figures undershot expectations, registering 1.16 trillion yuan compared to expected 1.3-1.4 trillion yuan.
- Nonetheless, TSF remains up 28% ytd, reaching 15.2 trillion yuan, indicating a robust overall increase relative to the prior year. We expect it to pick up steam in future months.
- We believe this will be bullish for copper pricing, coupled with the supply side sluggishness. (Read: Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies ).
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