Commodities
Copper Price Drops Amid Profit-Taking and Strong Dollar
The copper price has been under pressure in recent sessions due to profit-taking and a strong US dollar. The Comex copper price dropped to $6.61 per pound, below the months-long bullish trendline and short-term moving average.
A stronger greenback renders copper more expensive for foreign buyers, dampening demand. The dollar index traded at a two-year high of $101.41 last week, although it has eased slightly to $101.14 at the time of writing.
Despite this, concerns over tight supply continue to support copper prices. Analysts expect China's refined copper output for 2026 to grow at its slowest pace since 2000, leading to a sharp drop in growth in Q4'26 and supporting copper prices.