Copper price near 6-week high on softer than expected US inflation

The copper price rose on Thursday to the highest in nearly six weeks, helped by easing demand worries after US inflation data came in softer than expected.
Copper for delivery in September rose 1.6% on the Comex market in New York, touching $3.70 per pound ($8,140 per tonne).
US consumer prices did not rise in July compared with economists’ expectation of a 0.2% gain, a report that could allow the Federal Reserve to dial down the size of its interest rate hike in September.
“The market has been short as per our estimates in which macro fears of inflation were depressing commodities prices,” said Zenon Ho, an analyst at broker Marex.
“Yesterday, US data was surprisingly good and there was a certain element of short-covering involved.”
Meanwhile, speculators in the copper market are betting a global downturn means the metal used in power and construction has further to fall, despite its recent rebound.
The latest data shows more funds with bearish positions than bullish copper positions on the London Metal Exchange and COMEX.


(With files from Reuters)
More News
Hedge funds boost bullish copper wagers to highest since October
Hedge funds and other large speculators increased net-long positions by 26%.
February 14, 2025 | 03:58 pm
Vale to raise Carajas iron ore output with $12 billion investment
Carajas, in Brazil's Para state, is Vale's largest iron ore production complex.
February 14, 2025 | 01:49 pm
Trump says he would not mind if Nippon Steel took minority stake in US Steel
Nippon's $14.9 billion pursuit of US Steel has stretched on for more than a year.
February 14, 2025 | 01:17 pm
Barrick weighs US relocation, says CEO Bristow
Moving to the US could secure Barrick a spot in the S&P 500 index, as reported by The Globe and Mail.
February 14, 2025 | 10:46 am
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments