Copper falls as LME stocks edge higher and mine supply concerns ease

Copper prices slipped 0.1 per cent on Monday to $14,385 a metric ton on the London Metal Exchange, according to Business Recorder, as warehouse stocks grew and a walkout at a Chilean mine came to an end, easing worries about supply. Stocks in LME-registered warehouses climbed to a two-month peak of 147,450 tons, helped by 8,225 tons flowing into US sites.

Inventories outside the United States have shrunk over recent months as traders redirected shipments there before possible duties on refined copper imports, lifting prices to a record of $14,875 per ton on September 10. Daniel Ghali, who heads metals research at Deutsche Bank, argued that the tariff threat reflects a broader strategic change driven by security-related anxieties about how critical minerals are concentrated in supply networks. He also said shipping expenses and frictions in the market would keep large exports from the US in check even without tariff worries.

China, the leading metals consumer, saw third-quarter growth rebound from three-year lows on the back of higher exports, yet its property market is still in decline and new home prices fell again in September. Aluminium was flat at $3,000 a ton, while zinc rose 1.1 per cent to $3,730.50, lead added 0.2 per cent to $1,891.50, tin gained 0.4 per cent to $50,330 and nickel advanced 0.9 per cent to $15,495.