MARKET COMMENTARY
3M LME copper traded between $8867-$9782 in November. Copper prices tested their lowest level since 12.08.2024 at $8867 on November 14, under pressure from demand concerns due to possible tariffs from the US and the lack of aggressive incentives from China. After the losses, copper prices recovered some of their losses and rose to $9782, with the effect of the halt in the rise in the US dollar and the effect of the purchases coming from low levels, and closed November with a 5.57% loss at $9015.
Copper prices rose to $9782 at the beginning of the first week of November, supported by investors waiting for more stimulus statements from major consumer China, the US presidential election and a weaker dollar, but fell to $9302 due to pressure from the rising dollar after Donald Trump won the US presidency, as well as concerns about Trump’s stance on trade with China. Copper prices, which recovered some of their losses due to buying at lower levels, finished the week down 1.11% at $9433.
3M LME copper tested its lowest level since 12.08.2024 at $8867 and finished the second week of November down 4.90% at $8971, after the dollar strengthened amid growing concerns about future US trade policies under President-elect Donald Trump and stimulus measures announced in major consumer China fell short of expectations.
Copper prices rebounded early in the third week of November as the dollar weakened, but limited gains amid uncertainty over possible U.S. tariffs and China's stimulus measures. Later in the week, they gave back their gains under pressure from a stronger dollar and risk-averse sentiment due to the escalating conflict in the Ukraine-Russia war, and ended the week up 0.02% at $8972.5.
3M LME copper fell to $8950 as concerns about possible U.S. tariffs on Chinese goods weighed on metal consumption. Copper prices rose to $9092.5, supported by losses in the dollar, and closed the last week of November at $9015, up 0.47%.
