COMEX Copper futures flipped back after testing a two-week high above $5.70 per pound amid sustained selling pressure in equities and worries over elevated LME Copper inventories. Copper still gained around 3.50% this week after bargain buying stayed in place. Near term outlook appears to be challenging as the outbreak of war in the Middle East tested the resilience of the global manufacturing sector at the end of the opening quarter of 2026. Growth of output and new orders slowed as global trade flows near-stagnated, while input costs surged and supply chains became increasingly stretched. The J.P.Morgan Global Manufacturing PMI ' a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ' posted 51.3 in March, down from February's 44-month high of 51.8, but still the second-highest reading since June 2022.

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