Copper Prices Retreat from Record High Ahead of Jackson Hole Speech
Copper prices retreated on the London Metal Exchange (LME) after setting a record high, as a stabilizing U.S. dollar reduced some of the momentum behind the metal's rally.
Despite this near-term pullback, low inventories and insufficient new mine development continue to provide support for copper, keeping the market broadly optimistic about its medium-to-long-term outlook.
The LME copper price fell as low as $14,149 per tonne on Tuesday, a day after posting its highest-ever closing price, before settling at $14,273 per tonne.
Market attention is now turning to Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Economic Symposium this Friday, with investors looking for clues on how the Fed plans to address inflation and whether monetary policy could be adjusted further.