Copper Edges Up Amid Thin Inventories and Softening Dollar

Copper prices edged up on Friday, buoyed by thinning inventories outside the US and a softening dollar. The benchmark three-month copper price on the London Metal Exchange rose 0.3 percent to $14,373 per metric ton, putting it within reach of its all-time peak of $14,527.50.

The metal is on course for a 0.5 percent gain this week, marking its tenth consecutive weekly rise. US copper imports in July hit their highest level on record, while Shanghai Futures Exchange data showed that copper inventories fell by 13 percent from last week to 63,000 tons, the lowest since January 2024.

According to BMI, a unit of Fitch Solutions, the tariff uncertainty is likely to continue supporting copper prices. However, already elevated prices are 'likely to limit near-term gains.'