"We Are Through Peak Supply" - Goldman Sees Copper Upside Breakout

Trump’s reciprocal tariffs were announced last night and given the long lead time and expansive scope, global macro is continuing to price tariffs as a negotiation tool with USD & yields down, USDCNH down, Chinese yields sharply higher, equities bid globally and copper breaking out.

Goldman Sachs trader, Lindsay Matcham, sees continued copper upside for at least four reasons: