Copper Edges Up Amid Global Economic Uncertainty

Copper prices have ticked up on Friday, putting the metal on course for a small weekly gain. The London Metal Exchange benchmark three-month copper price rose by 0.2% to $13,626.50 per metric ton.

This comes despite concerns over macroeconomic factors, including an escalation in the Middle East conflict and oil prices surpassing $100 a barrel.

The global economic growth outlook has been impacted by these developments, but copper inventories in top consumer China have declined to 69,610 tons, their lowest since February 2024.

Inventories on the London Metal Exchange have also fallen to 276,775 tons, their lowest since March. However, available inventory increased by 5.2% to 113,450 tons after 3,250 tons of reverse cancellations in South Korea and Taiwan.