Copper Consolidation Continues Above $14K

Copper prices consolidated above $14,000 on Monday after experiencing their strongest weekly gain since May. The concerns about the Democratic Republic of Congo's copper concentrate export ban had eased, and some physical indicators in top consumer China showed a softening.

The London Metal Exchange saw benchmark three-month copper rise 0.1% to $14,089.50 a ton as of 0240 GMT. Meanwhile, the most-active copper contract on the Shanghai Futures Exchange slipped 0.35% to 107,640 yuan ($15,956.12) a ton.

Goldman Sachs predicted that there would be no material impact on global copper balances from Congo's ban, stating that the measure largely consolidated a long-standing policy and affected trade flows that had already shrunk sharply.