Copper Prices Rebound Amid US Imports, Interest Rate Hike Uncertainty
Copper prices remain volatile after recording their first weekly loss in five weeks. The red metal has found support due to increased US imports and eased bets on a September interest rate hike.
However, rising inventories and persistent economic uncertainties have capped its gains. This week's key market drivers will include the US dollar, inflation data, Fed Chair's speech, and overall market sentiment.
The supply concerns and strong exports continue to support the long-term bullish outlook for copper. Mining disruptions in top producers like Chile, coupled with positive demand expectations, have provided steady support.
In July, US importers shipped in over 200,000 tonnes of copper, the highest monthly import in 12 years. This has added to the bullish outlook, although investors remain cautious about possible taxes on refined copper imports.