Copper prices rose on Friday but were on track for a second straight quarter of decline, as rising inventories and a rally in the dollar weighed.
Three-month copper on the London Metal Exchange (LME) rose 0.7% to $8,275.50 per metric ton by 0556 GMT.
The contract was down 0.5% on a quarterly basis and was also set for the second straight month of decline.
The dollar index rose 3% so far this quarter, on track for the best quarterly performance in a year.
A firm dollar makes greenback-priced metals more expensive to holders of other currencies. LME copper inventories leaped 140% so far this quarter to 167,825 tons, the biggest quarterly increase in 18 years.
The Shanghai Futures Exchange was closed for public holidays and will reopen on Oct. 9.
China’s property market troubles keep copper near four-month low
LME zinc is on track for its best quarterly performance since the first quarter of 2022, up 10.7% so far.
LME lead rebounded 4.5% so far this quarter, following two quarters of decline.
LME nickel was on track for the third straight quarter of decline.
It is the worst performer of all LME base metals, down 36.4% year-to-date.
LME tin is set for its first quarterly drop since the third quarter of 2022 because of a big fall in August.
Yet tin is the only LME base metal to register a gain so far this year, up 2.1%.
Comments
Comments are closed for this article.