Copper Retreats from Record High on Profit-Taking and Stronger Dollar

Copper prices dropped on Wednesday under pressure from profit-taking and a stronger dollar. Benchmark three-month copper CMCU3 on the London Metal Exchange (LME) fell 1% to $14,606.50 a ton by 1600 GMT after reaching its highest since September 10 at $14,833.

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 White House's decision to impose copper import tariffs has raised concerns over affordability and triggered a sharp pullback in prices. The premium on US copper futures over LME prices edged higher after the pullback.

LME copper prices have gained 18% this year, while Comex warehouses now hold 69% of the roughly 1 million tons of copper tracked by global exchanges. This has led to concerns about tightness outside the US and a tighter market.