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Copper prices drop below $9,000

Onwubuke Melvin
Onwubuke Melvin

Copper prices fell below $9,000 per ton, marking their lowest level in two months, as the U.S. dollar continued to strengthen following the recent election results

Copper futures on the London Metal Exchange have fallen nearly 9% since November 5, driven by the stronger U.S. dollar following Donald Trump’s re-election.

Traders are anticipating a prolonged period of tight monetary policy from the Federal Reserve, which has contributed to the greenback’s strength.

Trump’s proposed economic policies, including tax cuts and higher tariffs, are seen as potentially inflationary, which could further fuel concerns about rising costs.

“The reality is we’re likely finding a new range given a repricing in the dollar,” Nicholas Snowdon, head of metals research at Mercuria Energy Trading SA, said at CRU Group’s World Copper Conference in Shanghai. “But the structural story is not dead. It is still very much alive and we do see that starting to prevail more through the mid to second half of next year.”

Copper prices have pulled back from their May record high due to concerns over the pace of demand recovery in China, the world’s biggest consumer of metals.

Although there was initial optimism surrounding Beijing’s pro-growth stance, investor sentiment has cooled as they await more concrete signs of government actions, such as increased infrastructure spending, to drive commodity demand.

Traders are closely monitoring the effects of China’s latest economic stimulus measures.

Economists expect industrial output and retail sales in China, the world’s largest metals consumer, to have accelerated in October compared to September. These figures are set to be released on Friday.

Copper dropped 1.8% on the London Metal Exchange, falling to $8,882 per ton by 11:15 a.m. local time.

Most other metals also saw declines, with zinc falling 3.2% and aluminum down 0.8%.


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