Copper Price Under Pressure as Glencore Boosts Supply
Copper prices have been trading at around $6.311 in recent sessions, posting a modest decline. This comes as Glencore announced a 15% increase in its first-half copper production due to higher ore grades at key operations. The expansion in output has raised the available supply of copper, which can exert downward pressure on prices as the market adjusts.
The company's marketing division is expected to post profits of about $3.3 billion for the period, well above the top end of its annual earnings guidance. This robust performance in trading and distribution operations has occurred amid prevailing market weakness, though price action has remained under broader selling pressure.
Copper is currently trading below its short- and medium-term moving averages but remains above its long-term average. Analysts predict a sideways trend for copper in the near term, with a downward risk exceeding rebound potential. The asset is expected to consolidate within a typical volatility band ranging from $6.257 to $6.365 over the next 2-3 trading days.