Copper falls on stronger dollar, Chile supply worries cap downside
XLB•Copper fell 0.2% to $14,639.50 a metric ton as a stronger dollar and reduced risk-taking ahead of a long Chinese holiday weekend weighed on prices. Supply concerns tied to Chilean mine disruptions limited losses.
1. Copper prices dip
Benchmark three-month copper on the London Metal Exchange fell 0.2% to $14,639.50 a metric ton in official open-outcry trading. Copper is up 9% so far this quarter, after reaching a record $14,875 a ton two weeks ago.
2. Supply concerns persist
The LME cash copper premium over the three-month benchmark widened to $107.50 a ton, its highest since September 1, from zero a week earlier. Operations at BHP’s Escondida mine in Chile were suspended after a worker was killed, while two unions at Antofagasta Minerals’ Centinela mine called on workers to hold a strike vote.
