Copper Pulls Back from Near-Record Highs on Profit-Taking and Stronger Dollar

Copper prices have pulled back from near-record highs due to profit-taking and a stronger dollar. Benchmark three-month copper on the London Metal Exchange (LME) dropped by 1% to $14,606.50 per ton by 1600 GMT after reaching a high of $14,833, its highest since September 10's record high of $14,875.

The metal had tested technical resistance above $14,800 a metric ton before retreating. Comex copper HGc1 hit a record peak of $6.83 per lb, or $15,057 a ton, on Tuesday but fell on Wednesday.

The pullback was triggered by a Reuters report that the White House had yet to decide on copper import tariffs, which raised concerns over affordability. Comex copper inventories have started to record modest daily inflows as the premium on US copper futures over LME prices edged higher after a sharp pullback.