LONDON: Copper prices fell in London on Tuesday under pressure from a stronger dollar and rising inventories, though positive signals from top metals consumer China kept losses in check.
Three-month copper on the London Metal Exchange (LME) eased by 0.1% to $8,394 a metric ton by 1607 GMT.
“Copper prices have failed to hold the $8,400 level as LME inventories continue to build, taking them to their loftiest since October 2022,” said Standard Chartered analyst Sudakshina Unnikrishnan.
Stocks of copper in LME-registered warehouses edged higher with 1,125 tons of arrivals into New Orleans, LME daily data showed, lifting the total to 135,650 tons, the highest since last October.
The dollar index, meanwhile, rose ahead of US inflation data that could influence the Federal Reserve’s next move on interest rates. A stronger US currency makes dollar-priced metals less attractive for buyers holding other currencies.
Support for copper, used widely in the power and construction sectors, came from China’s property market as developer Country Garden won approval from its creditors to extend repayments on six onshore bonds by three years.
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