Copper Edges Lower as Dollar Strengthens
Copper futures eased to around $6.55 per pound on Monday, falling for a fourth straight session as the dollar strengthened amid growing expectations that the Federal Reserve will raise interest rates next month following hawkish remarks from Chair Kevin Warsh. A stronger dollar makes greenback-priced commodities such as copper more expensive for buyers using other ...
Copper prices dipped to around $6.55 per pound on Monday, marking a fourth consecutive day of decline as the US dollar strengthened. This dollar appreciation makes copper, priced in dollars, more expensive for buyers using other currencies, potentially reducing demand. The supply situation appears to be improving, with the premium for spot copper over three-month futures narrowing and LME inventories showing recent gains due to increased metal deliveries.
However, traders are still diverting copper shipments towards the US in anticipation of possible new import tariffs, which is tightening supplies in global markets. Furthermore, mining disruptions in major producers such as Indonesia, Congo, and Chile are adding to supply concerns.
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