Copper Set for Weekly Drop
Copper futures steadied around $6.52 per pound on Friday, but remained on track for a nearly 3% weekly decline as signs of weakening industrial activity in top consumer China weighed on the demand outlook. The metal also came under pressure from a stronger dollar, elevated bond yields and rising oil prices, as the risk of an escalation in the US-Iran conflict heightened concerns over inflation. Supply developments remained in focus, with Chilean output potentially disrupted by a strike at a site owned by Antofagasta Plc, while Panama’s government proposed resuming operations at a major mine in the country. Elsewhere, the Trump administration has so far postponed a decision on tariffs on refined copper. Previous threats of US tariffs on refined metals prompted traders to redirect shipments to American warehouses and helped fuel a rally in copper prices.
52 per pound on Friday, but remained on track for a nearly 3% weekly decline as signs of weakening industrial activity in top consumer China weighed on the demand outlook. The metal also came under pressure from a stronger dollar, elevated bond yields and rising oil prices, as the risk of an escalation in the US-Iran conflict heightened concerns over inflation. Supply developments remained in focus, with Chilean output potentially disrupted by a strike at a site owned by Antofagasta Plc, while Panama’s government proposed resuming operations at a major mine in the country. Elsewhere, the Trump administration has so far postponed a decision on tariffs on refined copper.
Previous threats of US tariffs on refined metals prompted traders to redirect shipments to American warehouses and helped fuel a rally in copper prices.