Tight Supply Fuels Copper Rally Amid China Slowdown

Copper prices have been on a tear in July, nearing record highs despite weak Chinese demand. The metal's strong export demand and tight supply are offsetting China's slowdown, keeping the outlook bullish for copper. A break above $6.70 could pave the way for even higher prices, potentially reaching $8. Tight supply and low inventories are supporting copper prices, which have been gaining significantly in recent weeks.

The Chinese property and factory data has been weak, but it's not enough to deter investors from buying copper. The strong export demand is a key driver of the price increase, with copper stocks remaining low. Technical levels will play a crucial role in shaping the next move for copper prices.