Copper set for 1.5% weekly rise
Copper prices are heading towards achieving a weekly gain of approximately 1.5%, supported by improved demand in China and potential supply disruptions from one of Chile's largest mines. Futures rose to around $14,480 per ton as activity in the Chinese market resumed and inventories declined, amid expectations of inventory replenishment in the coming weeks. At the same time, the minutes from the U.S. Federal Reserve meeting indicate an intention to raise interest rates in December, which could put downward pressure on global demand for metals. Meanwhile, price forecasts remain influenced by seasonal risks and supply constraints, countered by inflationary pressures and tightening monetary policies.
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