Copper Prices Steady Near $14,000 Amid Replenished Supplies
Copper prices steadied near $14,000 per ton on Tuesday after last week's record surge. The London Metal Exchange (LME) futures were largely unchanged, marking a calmer tone following Monday's biggest warehouse deliveries in nearly a month.
The market had tightened earlier due to traders redirecting metal to the US ahead of possible tariffs on refined copper, which helped turbocharge prices. However, with no policy changes so far and a pickup in LME inventories, near-term supply looks ample again.
China's industrial production data showed stronger-than-expected August numbers, while consumer demand and investment remained soft. This internal mismatch in the economy makes stimulus calls trickier. Additionally, the Federal Reserve's meeting is upcoming, where a rate hike is anticipated, which tends to be a headwind for non-yielding assets like commodities.