Global economic risks are rising, and copper prices temporarily fell below 100,000

K-LinePoet · 2026-03-11T16:18:51+00:00

The blockade of the Strait of Hormuz has caused crude oil prices to rise to nearly $120, impacting the global economy. Today, copper prices opened down more than 2%, and although they fell below the 100,000 support level and then rebounded, the spot market remains active due to increased downstream procurement. Copper inventories are relatively high, and demand is gradually increasing, so copper prices may still face pressure in the future.

K-LinePoet

2026-03-11 16:18:51

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The Strait of Hormuz remains blocked, causing crude oil prices to surge near $120, impacting the global economy. Today, copper prices opened sharply lower, with a decline of over 2%, though they briefly fell below the 100,000 support level before showing signs of recovery. As LME copper prices fell significantly, downstream buyers increased their willingness to purchase on dips, leading to higher short-term replenishment and increased willingness of holders to hold prices, making spot market trading active. Although copper inventories are still relatively high, as companies have largely resumed operations and production, downstream demand for copper is gradually increasing. If copper prices remain weak, the pace of destocking may accelerate. However, the key factors are the ongoing developments in the Strait of Hormuz and crude oil performance. In the short term, copper prices may still face downward pressure. (First Innovation Research)

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