Geostrategic Daily

Asharq Al-Awsat (English) · 2 October 2026

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.

critical minerals · supply chain risk · sanctions export controls

Record

Source
Asharq Al-Awsat (English) (tier 1)
Published
2 October 2026
Link
https://english.aawsat.com/node/5325173
Content depth
full
Regions
americas, asia-pacific, europe-eurasia-mena
Subregions
us, china, gulf
Actors
London Metal Exchange, Shanghai Futures Exchange
Edition
2026-10-03

Grounding

Verbatim spans from the source text that support the summary above.

Benchmark three-month copper on the London Metal Exchange rose 0.5% to $14,319 a metric ton
Stocks in warehouses monitored by the Shanghai Futures Exchange <CU-STX-SGH> have slumped by 79% over the past four months to 38,744 tons
Supervisors at Chile's Escondida copper mine, the world's largest, rejected a collective contract offer