Copper Prices Steady Amid Weak Dollar and Low Chinese Demand

LONDON – Copper prices remained stable on Monday, with a weaker dollar counterbalancing sluggish demand from China, the world’s top metals consumer. The three-month copper contract on the London Metal Exchange held at $9,953 per metric ton by 1015 GMT, after reaching a three-week high on Friday. Despite supportive long-term fundamentals, concerns over high inventory levels persist, according to WisdomTree commodity strategist Nitesh Shah. Investors are looking for potential stimulus announcements from China’s third plenum meeting this month to provide a clearer direction for copper prices. Meanwhile, a survey indicated a decline in operational rates among Chinese copper cable and wire producers. The dollar’s decline, following tepid U.S. job growth data, lent support to dollar-priced commodities. In other metals, LME aluminium and lead prices were stable, while zinc, nickel, and tin showed mixed movements.