Copper Prices Slide Amid Rate Hike Fears and Supply Disruptions

Copper prices slipped on Monday, ending a two-day rally, as stronger-than-expected US jobs data strengthened expectations for a Federal Reserve rate hike this month.

This weighed on the demand outlook for industrial metals, causing copper futures to fall to around $6.55 per pound.

The recent export ban in Congo and weaker production from major producers Chile and Peru also contributed to the decline.

Chile's second-quarter output was its weakest in at least 19 years, and the country has lowered its full-year production forecast for a second consecutive quarter.

As a result, top producer Chile now expects output to decline by 2.6%.