Copper Prices Slide as Dollar Strength and Tariff Fears Weigh
Copper prices slipped on Tuesday in New York as a stronger dollar and worldwide bond selloff tempered the metal's rally, which had brought it close to record levels. The December Comex contract fell 1.3% to $6.6020 per pound (roughly $14,555 per tonne) by late morning, after climbing as high as $6.7420 during the session.
The stronger dollar and bond selloff weighed on copper prices, which had earlier risen in London. Three-month copper came within $2.50 of its own record last week, touching $14,525 per tonne against the all-time intraday high of $14,527.50 set on January 29.
LME inventories have declined for four consecutive sessions, now standing at 234,275 tonnes. Throughout the year, traders have been moving copper into the United States in anticipation of a 15% tariff on refined imports scheduled for January 2027, which will rise to 30% in 2028.
Chile's copper production dropped 9.4% in July compared to the same month last year and 9.8% lower than June, marking the weakest July for the world's largest producer since 2011. The national statistics agency attributed the decline to adverse weather in the northern part of the country that disrupted normal operations.