Copper prices fell amid a stronger dollar and rising inventories

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Copper prices fell amid a stronger dollar and rising inventories
Credit: © Reuters.

Copper experienced a slight decline of -0.18%, settling at 732.1. This drop was influenced by a stronger dollar and increasing copper inventories, although positive indicators from China, the leading metals consumer limited the losses. Copper stocks in LME-registered warehouses saw a rise of 1,125 tons, reaching a total of 135,650 tons, marking the highest levels since last October. On-warrant inventories also climbed to 135,350 tons. 

The strengthening dollar index , ahead of U.S. inflation data that could impact the Federal Reserve's interest rate decisions, weighed on copper prices. China's property market offered support to copper, with developer Country Garden gaining approval from creditors to extend bond repayments. China's copper cathode output in August exceeded expectations, increasing by 6.8% month-on-month and 15.5% year-on-year, contributing to overall growth of 11.52% year-on-year from January to August. 

The market saw long liquidation, with a -2.15% decrease in open interest and a -1.3 rupee price drop. Support for Copper is anticipated at 729.6, with potential testing at 727.1. Resistance levels may emerge at 735.1, with the possibility of testing 738.1.

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