Copper Surges as US Consumer Market Softens

The US consumer market softened in July, with retail sales falling 0.6% on the month and core control group used for GDP declining by 0.4%, its largest drop since early 2025.

Additionally, the preliminary University of Michigan sentiment index dropped to 51 from 55.2, below expectations, while year-ahead inflation expectations rose slightly to 4.3%.

In other news, Japan's Q2 GDP grew only 0.3% quarter on quarter, slower than expected and far below its long-run average of 0.42% since 1980.

Copper prices surged towards a record in London as major producers struggled to meet production targets and intense competition for supply between the US and China led to tightness in the market.