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Copper Likely to Gain 1.5% This Week
Copper prices are heading toward weekly gains of around 1.5%, supported by recovering demand in China and the potential for supply disruptions from the Centinela mine in Chile. Futures rose by 1.3% to reach $14,480.50 per ton. The rise in Chinese demand and lower inventories after the national holiday, along with expectations of a possible labor strike in Chile, are underpinning prices. However, forecasts of interest rate hikes in the United States could exert downward pressure on global copper demand, amid a risky environment characterized by seasonal factors, limited supply, and a tightening monetary policy.
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