Copper rises on weaker dollar and downgrade to Chile production outlook
XLB•Copper rose 0.6% to $14,240 a metric ton as the dollar weakened and Chile’s copper production outlook was lowered. LME-registered copper inventories rose to 293,775 tons, their highest since mid-July.
1. Copper prices rise
Benchmark three-month copper rose 0.6% to $14,240 a metric ton in official LME trading, supported by a weaker dollar, lower oil prices and a downgrade to Chile’s copper production outlook. Investors remained cautious ahead of Tuesday’s U.S. midterm elections.
2. Inventories and supply
Copper inventories in LME-registered warehouses rose to 293,775 tons, their highest since mid-July, after 20,500 tons were delivered in New Orleans. Morgan Stanley analyst Amy Gower said the market was treating U.S. stocks as largely unavailable for now.
3. Chile lowers forecast
Chile’s copper commission, Cochilco, sharply lowered its forecast for the country’s copper production this year and projected a more modest recovery in 2027 than previously expected.
