Copper hits near two-week low on profit-taking as supply worries ease
XLB•Copper fell 1.3% to $14,298 a metric ton on the London Metal Exchange, after touching its lowest level since October 2, as supply concerns eased and inflation, interest-rate worries and a selloff in AI stocks weighed on prices.
1. Copper prices fall
Three-month copper on the London Metal Exchange fell 1.3% to $14,298 a metric ton by 1625 GMT, after reaching $14,256, its lowest level since October 2. The most-traded copper contract in Shanghai dropped 1.9% to 108,940 yuan a ton.
2. Supply and rate concerns
Investors were less concerned about mine disruptions after BHP and the supervisors’ union at its Escondida mine in Chile reached a deal, avoiding a strike. Antofagasta reported a 7% rise in third-quarter copper production and maintained its annual outlook despite a strike at its Centinela mine. September U.S. consumer prices accelerated, while a selloff in Asian technology stocks also weighed on metals.
3. Other metals mixed
Aluminium rose 0.3% to $2,995.50 a ton after earlier touching its lowest level in more than nine months. Zinc fell 1.1%, lead lost 0.7%, nickel slid 1.7%, and tin was little changed after hitting its lowest level since June.
