Copper prices steady after September rally, but new risks emerge
Copper prices are holding steady in London after posting their strongest monthly rally since June, up 3.7% in September. The benchmark three-month contract on the London Metal Exchange (LME) closed the previous session at USD 10,268 per tonne, down USD 146 from the day before.
In New York, copper on Comex traded at USD 4.8515 per pound, while in Shanghai futures rose 1.45% to CNY 83,260 per tonne.
The move comes after copper gained momentum in September amid mounting supply risks from key producers — developments closely followed by the market in recent weeks. As Evertiq previously reported, prices jumped on concerns around Grasberg in Indonesia, while strikes and political tensions in Peru continued to weigh on supply expectations.
Now, investors are also assessing broader macroeconomic risks. The U.S. government shutdown — the first since 2018 — raises new questions about the dollar’s stability. A weaker USD could support commodities like copper, making them cheaper for buyers using other currencies.
While September’s rally pushed copper higher, it remains below the peak of over USD 11,000 per tonne seen in May 2024. With China entering its Golden Week holiday and uncertainty in U.S. politics adding fresh volatility, traders are watching closely whether copper can maintain its current momentum.