Why Did MAC Copper Soar 10.46%? Tariff Easing, Inflation Hopes

On April 22, 2025, MAC Copper experienced a significant pre-market rise of 10.46%, driven by improved tariff expectations and inflation support.

This surge in MAC Copper's stock price can be attributed to the easing of tariff issues between China and the USA. Both countries have shown a willingness to engage in dialogue, which has boosted market risk appetite. Additionally, the relatively hawkish remarks by Powell last week had a substantial impact on the US stock market, while Copper prices reacted calmly. This suggests that if there is potential for a second wave of inflation, Copper could become a favored commodity again.

The domestic Copper market has also shown resilience, with a significant decrease in refined Copper inventory and strong downstream feedback on orders and deliveries. This has provided some support to Copper prices, although downstream purchasing enthusiasm may decline with the rebound in prices. The pricing characteristics of domestic refined Copper continue to hold, with spot Bids providing marginal support rather than driving upward movement.

In the industrial sector, the copper concentrate market remains bleak, with supply pressures gradually emerging. The spot market prices for copper concentrate TC continue to show weakness, with no significant improvement in the medium to long-term supply situation. The competition between smelters and traders has intensified, putting continued pressure on TC prices. In the short term, the supply and demand pressures are difficult to alleviate, and TC may fluctuate within the low-middle range of -30.