Copper falls from near-record highs on profit-taking, firmer dollar

LME aluminium CMAL3 fell 0.2% to $3,259.50 a ton, while zinc CMZN3 and lead CMPB3 eased 0.5% to $3,888.50 and $1,926.50, respectively. Nickel CMNI3 lost 0.3% to $16,570, while tin CMSN3 gained 0.1% to $54,250.

Copper prices fell on Wednesday due to a stronger dollar and as investors took profits after the metal tested a key technical resistance level above $14,800 a metric ton.

Benchmark three-month copper on the London Metal Exchange (LME) was down 0.3% at $14,700 a ton by 1005 GMT, after earlier touching $14,833, its highest level since September 10, when it hit a record high of $14,875.

Comex copper HGc1 hit a record high of $6.83 per lb, or $15,057 a ton, on Tuesday before retreating on Wednesday.

Comex copper inventories HG-STX-COMEX have started to record modest daily inflows as the premium of US copper futures over LME prices 0#LMECMXCU: edged higher after a sharp pullback.

That pullback was triggered by a Reuters report that the White House had yet to decide on copper import tariffs amid concerns about affordability.

After months of heavy inflows, Comex warehouses now hold 69% of the roughly 1 million tons of copper tracked by global exchanges, supporting concerns about tightness outside the US.

The backdrop has helped LME copper rise 18% so far this year and currently coincides with signs of robust demand in top consumer China ahead of public holidays on September 25 and October 1 to 7.

It also comes as half of the 252,500 tons of copper stored in LME-registered warehouses MCUSTX-TOTAL has been earmarked for delivery out.