Copper rises on weaker dollar and downgrade to Chile production outlook

Copper gained 0.7% to $14,251 a metric ton on the London Metal Exchange by 1034 GMT on Monday, Business Recorder reported. The advance came as the US dollar weakened and Chile’s copper commission reduced its estimate for the country’s output this year, while traders remained cautious before Tuesday’s US midterm elections.

Copper held in LME-registered warehouses climbed to 293,775 tons, the highest level since mid-July, after 20,500 tons arrived in New Orleans. Analyst Amy Gower of Morgan Stanley said traders were treating US-held stocks as largely unavailable for now; shipments to US warehouses have been associated with uncertainty over possible copper tariffs. Cochilco also projected a less pronounced recovery in Chilean production in 2027 than it had previously expected.