Copper Prices Plummet on Rising Inventories and Stronger Dollar

Copper prices fell to a three-week low of $14,005.50 per metric ton on Monday as rising inventories and a stronger dollar weighed on industrial metals.

The London Metal Exchange (LME) copper price declined by 1.6% after touching its lowest level since August 20 at $13,958. This marks the first weekly loss for copper since June, with prices now down 6.2% from their record high reached last Thursday.

Copper inventories rose by 9,600 tons, including 4,550 tons delivered into warehouses in Italy, which helped ease supply concerns that had driven up prices during the metal's recent rally.