Copper Crawls Higher on Softer Dollar and Supply Issues
Copper prices edged higher on Friday, supported by a weaker dollar and supply issues, with benchmark three-month copper on the London Metal Exchange rising 0.5% to $14,319 a metric ton, though that left it down 2% since the end of last week. Stocks in warehouses monitored by the Shanghai Futures Exchange have fallen 79% over four months to 38,744 tons, and Chilean production fell 12.8% year-on-year in August, while supervisors at the Escondida mine rejected a collective contract offer. Gains were modest amid concerns that high oil prices and industrial weakness in China weigh on demand.
Why it matters: The session shows metals prices being driven by supply-chain dislocation and energy costs rather than demand, a pattern central to the briefing's commodities and supply-chains theme.