Copper prices rebound after three-week decline
Copper prices recovered after three consecutive weeks of losses as selling pressure on technology stocks eased and oil prices declined.
On the London Metal Exchange (LME), copper rose 0.5% in early trading on Monday, November 2, reaching $14,229.50 per metric ton after falling 1.4% on Friday. A recovery in Asian stock markets and U.S. equity futures supported investor risk appetite, while diplomatic developments in the Middle East pushed oil prices lower, easing concerns about global economic growth.
Copper prices have fluctuated around $14,500 per metric ton over the past two months, with investors closely monitoring the sustainability of artificial intelligence investments, potential U.S. import tariffs on refined copper, and geopolitical risks in the Middle East. Meanwhile, copper production in Chile, one of the world's largest producers, fell to its lowest level in at least 20 years during the latest quarter, intensifying supply concerns. Jefferies analysts noted that if global economic growth remains resilient, structural supply shortages could continue to support upside risks for copper prices.
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