Base Metals Preview: COMEX Copper supported In after breaking above $6 per pound

COMEX Copper futures stayed well supported last week as the break above $6 per pound stayed in place. The metal hit fresh three-month highs and rallied around 5% last week. US equities stayed broadly supported despite worries over geopolitical front and kept Copper elevated. Meanwhile, the start of the second quarter of 2026 saw rates of expansion in global manufacturing output and new orders strengthen. However, price and supply chain pressures continued to build, while business optimism stabilised at March's five-month low. 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 ? rose to 52.6 in April, up from 51.3 in March, its highest level in over four years (since March 2022). The headline PMI has remained above the neutral 50.0 mark for nine successive months. Four out of the five PMI components (new orders, output, stocks of purchases and suppliers' delivery times) were at levels consistent with an improvement in operating performance. Employment showed a slight decrease for the second month in a row. Manufacturing production increased for the ninth month running, with the rate of growth hitting a near five-year high. Expansions were signalled across the consumer, intermediate and investment goods sectors.

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