Copper Holds Decline on Easing Supply Worries
Copper futures traded near $6.3 per pound on Tuesday, hovering at seven-week lows as fresh deliveries to London warehouses eased concerns over supply. Warehouses monitored by the London Metal Exchange recorded their largest inflows of the metal in nearly four weeks, pushing London prices into contango and signaling ample availability. Copper prices surged to record ...
Copper prices dipped on Tuesday as easing supply worries faded, trading near $6.3 per pound. Fresh deliveries to London warehouses this week had reduced concerns about a potential supply crunch, causing London prices to move higher into contango. This signal indicated a surplus of copper available for purchase.
Last week, copper had reached record highs as traders moved shipments to US warehouses in anticipation of possible tariffs on refined metal. However, the price surge was short-lived, falling sharply after reports emerged that the Trump administration had delayed a decision on imposing such tariffs.
The broader metals market also faced downward pressure heading into the week, with an anticipated interest rate hike by the US Federal Reserve adding to the downward trend. In China, the world's largest consumer of copper, industrial output increased more than expected in August. However, retail sales, fixed asset investment, and new home prices all suggested a lack of momentum in economic activity.
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