Copper edges up on thinning stocks, eyes 10-week winning streak

Business Recorder reported that copper prices edged up on Friday, putting the metal on course for a tenth consecutive weekly gain. On the London Metal Exchange, the three-month contract climbed 0.3% to $14,373 a metric ton by 0900 GMT, nearing its all-time high of $14,527.50. For the week, the metal was heading for a gain of about 0.5%.

Shrinking inventories outside the United States and a weaker dollar underpinned prices. American stocks have grown sharply as the market anticipates possible import duties, tightening conditions elsewhere. US copper imports reached a record in July, while Shanghai Futures Exchange inventories dropped 13% week on week to 63,000 tons, their weakest level since January 2024.

The dollar weakened overnight after dovish remarks from Federal Reserve Governor Christopher Waller reduced expectations of further rate increases, which can make dollar-priced metals cheaper for purchasers holding other currencies. BMI, a unit of Fitch Solutions, said in a note that tariff uncertainty should keep backing copper, although already high prices are likely to cap near-term gains. Aluminium gave up 0.5%, trading at $3,295, though it remained on pace for a 1.6% rise over the week, while tin lost 0.4% to $54,700.