Copper prices fall 0.68% to US$ 6.58 per pound, cnnchile.com reports
Copper prices closed below US$ 6.60 per pound, falling 0.68% to settle at US$ 6.58 per pound on the London Metal Exchange, driven by profit-taking by investors following a recent peak near record highs, cnnchile.com reported.
London Inventories Climb While Shanghai Stocks Jump 25%
Metal inventories showed distinct regional movements across global exchanges. On the London Metal Exchange, inventories rose 2.99% in a single day to reach 232,175 tonnes, according to cnnchile.com. Meanwhile, guiaminera.cl noted that weekly global exchange stocks increased 1.3% to total 1,016,152 tonnes. The most substantial shift occurred in Shanghai, where exchange stocks surged 25.91% in a week from 58,744 to 73,962 tonnes. New York inventories remained largely stable with a 0.04% increase to 717,026 tonnes. The behavior was disparate: in London stocks fell 2.5%, to 225,425 tonnes, and the cash delivery premium reached US$ 177 per tonne on Thursday; in Shanghai they increased 25.9%, to 73,962 tonnes, and in COMEX, in the United States, they grew 0.5%, to 716,765 tonnes, which is equivalent to 70.5% of the global total. Thus it was reported by the Chilean Copper Commission (Cochilco) in its International Copper Market Report corresponding to the week of October 12 to 16.
Spot prices for copper on the London Metal Exchange were quoted at US$ 14,496 per tonne. In New York, October delivery contracts traded at US$ 6.53 per pound, while January contracts reached US$ 6.61 per pound. Shanghai cathode contracts for November delivery stood at US$ 7,46 per pound including taxes.
US Inflation and Federal Reserve Caution Shape Market Correction
Financial headwinds contributed to the downward price correction following a strong multi-month rally. Subsequent signals of prudence from the Federal Reserve helped ease expectations of an immediate October rate hike, softening the dollar’s pressure toward the end of the week.
Profit-taking among investors who sought to lock in gains also weighed on the metal. On August 17, copper hit its yearly high of US$ 6.74 per pound, recovering dramatically from a low of US$ 5.36 per pound on March 19. Despite the recent dip, the year-to-date average stands at US$ 6.13 per pound, representing a 40.35% increase compared to the US$ 4.37 average recorded over the same period in 2025. Between January 2 and October 19, the average price of the year reaches US$ 6.13 per pound, according to the official figure that Cochilco reports every day, which shows a variation of +15.3%.
Supply Surpluses Projected as Chinese Demand Moderates
Fundamental market forecasts added downward pressure. El Grupo Internacional de Estudios del Cobre (ICSG) proyectó superávits de cobre refinado de 104 mil toneladas en 2026 y de 368 mil toneladas en 2027, lo que moderó las expectativas de escasez global que habían impulsado el precio en las semanas previas. In Chile, a ratified labor agreement between BHP and supervisors at the Escondida mine averted a strike and reduced supply risk premiums. In China, the world’s leading consumer, September imports of unrefined copper and semimanufactures dropped 4.9% year-on-year to 461 thousand tonnes as processors limited purchases strictly to immediate production needs.