Copper Stabilizes Above $14,000 Amid Weaker Dollar and LME Inventory Gains
Copper prices have stabilized above $14,000 per metric ton, despite an increase in London Metal Exchange (LME) inventory. The metal's price has been supported by a weaker US dollar, which makes it cheaper for buyers using other currencies.
The LME copper stocks rose by 12,425 tons on Wednesday, reaching a total of 235,975 tons. This is an 11% increase from last week, but still 40% lower than three months ago.
The weaker dollar has helped copper rebound from its two-week low on Wednesday. The dollar fell to its lowest level in three months after the US Treasury Department announced measures to calm the bond market.