Copper cathodes. Image by Glencore.
Copper price pushed toward the $10,000-per-tonne threshold on Monday on the London Metal Exchange, extending a four-week climb as the dollar eased and end-use demand held up.
LME prices rose as much as 0.3% intraday to $9,928/t, with the contract up 3% for August. COMEX futures were steady, with the most-active contract at $4.598 per lb ($10,137/t).
What’s driving the move
The US dollar softened as markets priced in a rate cut at the next Federal Reserve meeting, making greenback-priced commodities cheaper for overseas buyers.
China demand is also holding up, but cooling at the margin. Apparent copper consumption in China rose about 10% in the first half of 2025, according to Zijin Mining Group.
Goldman Sachs analysts, however, cautioned that while US rate cut expectations and supportive regulations have lent stability, looser physical markets and lingering weakness in Chinese economic data could weigh on the sector.
The bank last week reiterated its year-end LME copper forecast of $9,700/t, maintaining a bearish stance on aluminum.
“Broad activity data in China appears to be weakening, and apparent consumption growth of copper and aluminum has slowed in recent months, in line with our expectations,” Goldman Sachs said in an August 29 note.
(With files from Bloomberg)