Copper drops to 1-week low on demand concerns
CPER•Copper fell 1.4% to $14,418 a metric ton, after touching its lowest level since September 17, as weak Chinese economic data and a stronger dollar weighed on demand prospects.
1. Demand concerns weigh
Copper prices fell to their lowest in more than a week on Monday. China’s industrial profit growth slowed in August, with strength in technology manufacturing amid the AI boom outweighed by persistently weak domestic demand.
2. Prices and market factors
Benchmark LME copper was down 1.4% at $14,418 a metric ton at 1604 GMT, after reaching $14,343. A drop below its 21-day moving average around $14,430 could mean further losses, with the next support level near the 50-day moving average at $14,175. Rising oil prices and a stronger US dollar also weighed on metals; traders expect Chinese manufacturing surveys due this week to provide more insight into industrial metals demand.
