Copper Pulls Back as Strong Dollar and Weak China Demand Weigh
đ LME copper is trading around $14,300 per ton, down roughly 2â2.3% this week as the US dollar reaches a 17-month high, energy costs remain elevated, and weaker Chinese industrial activity weighs during the holiday period.
âïž The current pressure appears more macro-driven than supply-led. Chileâs copper output fell 12.8% in August, while Escondida still faces labor risks after supervisors rejected a contract offer, although no strike has started.
đ Iron ore has weakened further to around $91â92 per ton as Chinese steel demand slows, mill margins remain weak, and pre-holiday restocking has largely run its course.
đ The latest move does not yet suggest that copperâs supply-tightness story has reversed. US payrolls later today will be the next key catalyst for the dollar, yields, and industrial metals.
#Copper $XCU
đ LME copper is trading around $14,300 per ton, down roughly 2â2.3% this week as the US dollar reaches a 17-month high, energy costs remain elevated, and weaker Chinese industrial activity weighs during the holiday period.
âïž The current pressure appears more macro-driven than supply-led. Chileâs copper output fell 12.8% in August, while Escondida still faces labor risks after supervisors rejected a contract offer, although no strike has started.
đ Iron ore has weakened further to around $91â92 per ton as Chinese steel demand slows, mill margins remain weak, and pre-holiday restocking has largely run its course.
đ The latest move does not yet suggest that copperâs supply-tightness story has reversed. US payrolls later today will be the next key catalyst for the dollar, yields, and industrial metals.
#Copper $XCU
