Copper price rises on supply risks and softening dollar

Antofagasta’s Zaldivar operation. (Image courtesy of Antofagasta).

Copper price rose on Tuesday, as supply risks flagged by major producers offset demand concerns, while a softening dollar made the metal cheaper for holders of other currencies.

Copper rose 3.3% to $3.46 ($7,612) a tonne on the Comex market in New York.

Click here for an interactive chart of copper prices

The dollar slipped for a fourth straight session as traders waited on a rate hike decision from the US Federal Reserve. 

MMG said on Monday it had suspended its copper production targets for the year following a 60% output drop due to a long protest at its Las Bambas mine in Peru.

Last week, Vale and Antofagasta cut their 2022 copper production outlook. 

“These miners … have been struggling to meet the bottom end of their guidance ranges and in some cases lowering below. That’s providing some offset to the slowing demand growth,” said CRU analyst Craig Lang.

(With files from Reuters)