Copper hits 10-day low on profit-taking as supply worries ease
XLB•Copper fell 1.2% to $14,314 a metric ton, its lowest level in 10 days, as easing supply worries, inflation concerns and a sell-off in AI stocks prompted profit-taking.
1. Copper prices retreat
Three-month copper on the London Metal Exchange fell 1.2% to $14,314 a metric ton, after touching $14,289, its lowest since October 5. The most-traded Shanghai copper contract dropped 1.9% to 108,940 yuan a ton.
2. Supply and rate concerns
Investors were less worried about mine disruptions after BHP and the supervisors' union at its Escondida mine agreed to avoid a strike. Antofagasta reported a 7% rise in third-quarter copper production and maintained its annual outlook despite a strike at its Centinela mine. US consumer prices accelerated in September, bringing a rate hike later this month back into consideration, while a sell-off in Asian tech stocks also weighed on metals.
