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Copper futures fell below $5.50 per pound on Thursday, hitting a three-month low as a sharp increase in exchange inventories signaled weaker physical demand. Total LME copper stocks jumped by nearly 19,000 tons to 330,375 tons, the highest level since September 2019. Analysts attributed the decline to softer Chinese demand and reduced shipments to the United States, with new tariffs slowing trade flows.
Broader metals markets also came under pressure from ongoing hostilities in the Middle East and a surge in energy prices, which have heightened inflation risks and raised concerns about potential global economic fallout. Iran launched missile strikes on a Qatari facility that houses the world’s largest LNG export plant, one of several energy assets Tehran vowed to target following an Israeli strike on Iran’s South Pars gas field.
At the same time, the US Federal Reserve left its policy rate unchanged and signaled it will not begin cutting rates until there is clearer evidence that inflation is easing.
