Copper recovered from its weekly low as technology stock volatility subsided and oil prices retreated, easing global growth concerns. The metal rose 0.5% to $14,229.50 a ton on the London Metal Exchange, after a 1.4% drop on Friday that marked a third weekly decline. Asian stocks and U.S. equity futures climbed as investors reclaimed risk appetite, while crude oil fell on reports that President Donald Trump will allow diplomacy more time before deciding on renewed strikes against Iran after Tuesday’s midterm elections. Copper has traded near $14,500 in the past two months, with market participants watching AI spending sustainability, potential U.S. import tariffs on refined copper, and Middle‑East military escalation. Supply constraints also support prices: Chile’s output hit a two‑decade low in the latest quarter and is expected to recover only modestly next year. Jefferies analysts note a structural supply challenge that keeps price risk skewed upward as long as global growth stays resilient. Other metals were mixed, with aluminum down 0.5%, zinc flat, and nickel up 1.3%.
The rebound reflects a temporary easing of macro‑uncertainties, though underlying supply‑side pressures suggest copper may remain volatile in the coming months.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing