Copper Hits 8-week Low

Copper decreased to 6.20 USD/Lbs, the lowest since July 2026. Over the past 4 weeks, Copper lost 3.04%, and in the last 12 months, it increased 40.22%.

Copper futures held below $6.4 per pound, hovering near seven-week lows as fresh deliveries to London warehouses eased concerns over supply. Warehouses monitored by the London Metal Exchange recorded their largest inflows of the metal in nearly four weeks, pushing London prices into contango and signaling ample availability. Copper prices surged to record highs last week as traders redirected shipments to US warehouses ahead of potential tariffs on refined metal, before retreating sharply following reports that the Trump administration had postponed a decision on the matter. The broader metals complex also remained under pressure ahead of an expected US Federal Reserve interest rate hike this week. Elsewhere, data from top consumer China showed industrial output expanded more than expected in August, while retail sales, fixed asset investment and new home prices pointed to continued weakness in economic activity.

Copper futures fell to around $6.4 per pound on Monday, extending last week’s losses to hit six-week lows as firm expectations for a US Federal Reserve rate hike weighed on risk-sensitive assets. Traders increased their bets on a Fed rate increase following Friday’s stronger-than-expected US inflation data, with markets currently pricing in around an 86% probability that the Fed will raise its policy rate by 25 basis points on Wednesday. Oil prices also surged after Saudi Arabia shut down the critical East-West pipeline that bypasses the Strait of Hormuz, raising concerns over inflation. Last Thursday, copper prices plunged nearly 5% following reports that the Trump administration had delayed a decision on tariffs for refined copper imports. US officials were reportedly concerned that the proposed levies could drive domestic copper prices even higher and further increase manufacturing costs.