Copper Heads for Biggest Weekly Loss Since May Amid High Energy Costs

Copper prices are on track to end the week in the red, down about 2% from last Friday's levels. This marks the metal's biggest weekly loss since May.

The decline is attributed to high energy costs and industrial weakness in top consumer China, which have weighed on demand for copper.

Despite this, prices are consolidating at relatively high levels due to supply tightness, particularly with a major mine in Chile facing strike action. The threat of US tariffs on refined metal has also led traders to shift hundreds of thousands of tons to America, potentially causing shortages elsewhere.