Copper faces further slide after US vote: TD
Copper could fall further as Democratic Party gains in the United States midterm elections weaken expectations for import tariffs.
Copper prices have declined further following Democratic Party gains in the United States midterm elections, according to TD Securities. The three-month copper futures on the London Metal Exchange fell to around $13,779 per tonne, their lowest level since July. The decline is due to weakened expectations for import tariffs and doubts about demand from data centers, according to the report.
TD Securities managing director and global head of commodity strategy Bart Melek said that he continues to expect the red metal to face further downside from here. Democratic gains could increase resistance to power-hungry data centers, a source of expected copper demand growth, TD Securities stated. The report also noted that U.S. stockpiling risk could limit the decline, as mine disruptions and tight supplies outside the U.S. could offset the loss of support from U.S. stockpiling.
Written by urgent.news from Mining.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
