LME copper price near $10,000 amid softer dollar and resilient Chinese demand

Copper price pushed toward the $10,000-per-ton threshold on Monday on the London Metal Exchange, extending a four-week climb as the dollar eased and end-use demand held up. LME prices rose as much as 0.3% intraday to $9,928/t, with the contract up 3% for August. COMEX futures were steady, with the most-active contract at $4.5980 per pound ($10,137/t).What’s driving the moveThe Bloomberg Dollar Index softened as markets priced in a US rate cut at the next Fed meeting, making dollar-priced commodities cheaper for non-US buyers. The greenback slipped further after a US court ruled many of President Donald Trump’s global tariffs illegal, and amid fallout from his move to fire Fed Governor Lisa Cook.China demand is also holding up, but cooling at the margin. Apparent copper consumption in China rose about 10% in H1, according to Zijin Mining Group. Goldman Sachs analysts, however, cautioned that while US rate-cut expectations and supportive regulations have lent stability, looser physical markets and lingering weakness in Chinese economic data could weigh on the sector. The bank last week reiterated its year-end LME copper forecast of $9,700/t, maintaining a bearish stance on aluminum.“Broad activity data in China appears to be weakening, and apparent consumption growth of copper and aluminum has slowed in recent months, in line with our expectations,” Goldman Sachs Group Inc. said in an Aug. 29 note.(With files from Bloomberg)Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com