{
  "id": 17787970,
  "title": "Copper rises on weaker dollar and downgrade to Chile production outlook",
  "url": "https://urgent.news/2026/11/02/copper-rises-on-weaker-dollar-and-downgrade-to-chile-production",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-02T11:22:19.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40447047/copper-rises-on-weaker-dollar-and-downgrade-to-chile-production-outlook"
  },
  "original_language": "en",
  "account": "Copper prices surged on Monday, driven by a weaker US dollar, falling oil prices, and a downgrade to Chile's copper production outlook, despite investors exercising caution in the lead-up to Tuesday's US midterm elections. The benchmark three-month copper price on the London Metal Exchange climbed 0.7% to $14,251 per metric ton as of 10:34 a.m. GMT. The US dollar weakened and oil prices declined following talks between Iranian and Qatari officials, aiming to resolve the conflict between the US and Iran, with Brent crude reaching its highest level in six months due to concerns over potential tensions resurfacing after the US midterm elections.\n\nUS copper inventories in LME-registered warehouses increased to 293,775 tons, the highest since mid-July, following 20,500 tons delivered in New Orleans, according to daily exchange data. Morgan Stanley analyst Amy Gower noted that \"the only deliveries we’ve seen onto the LME stocks have been in the US, and arguably, material held there is not having the same impact on the curve -3 as it would if deliveries had been made in Europe or Asia. The market is treating US stocks as largely unavailable for now.\"\n\nTraders have been transferring copper to Comex-approved warehouses in the US since President Donald Trump commissioned a study on potential copper tariffs in February of the previous year. Although incentives to move metal to the US have diminished due to ongoing tariff uncertainty, the risk remains significant enough to keep inventories there, with some material also moving into LME warehouses in the US.\n\nOn the supply side, Chile's copper commission, Cochilco, significantly reduced its forecast for the country's copper production this year and projected a more modest recovery in 2027 compared to earlier estimates. Chile is the world's leading copper producer. In other LME metals, aluminium declined 0.3% to $3,060.50 a ton, zinc rose 0.3% to $3,852 per ton, lead fell 0.3% to $1,902.50, while tin and nickel increased by 1.2% to $49,325 and $15,445, respectively.",
  "summary": "LONDON: Copper prices rose on Monday, supported by a weaker dollar, lower oil prices and a downgrade to Chile’s copper production outlook, though investors remained cautious ahead of Tuesday’s US midterm elections. Benchmark three-month copper on the London Metal Exchange was up 0.7% at $14,251 a metric ton by 1034 GMT. The dollar eased and oil prices fell after talks between Iranian and Qatari…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}