Copper Prices Plummet to Three-Week Low Amid Rising Inventories

Copper prices have hit a three-week low, falling to $14,005.50 a ton on Monday due to rising inventories and a stronger dollar.

The London Metal Exchange (LME) reported that copper stocks rose by 9,600 tons, including 4,550 tons delivered into warehouses in Italy.

This increase has eased concerns over tight supplies that had supported prices during the metal's recent rally. The cash LME copper contract's discount to the three-month forward contract widened to $39.25 a ton from about $10 on Friday.

Nickel and tin also declined, with nickel touching a two-month low and tin reaching its weakest level since July 17.