Copper Prices Tumble on Strike End, Rising Stocks

Copper prices fell on Monday as rising inventories and the conclusion of a strike at a major Chilean mine eased supply concerns. Benchmark three-month copper on the London Metal Exchange was down 0.1% to $14,385 per metric ton.

Available copper stocks in LME-registered warehouses climbed to a two-month peak of 147,450 tons. Analyst Daniel Ghali noted that US tariffs are a factor in global supply chain disruptions and increased shipping costs, suggesting this is part of a larger strategic shift. He added that even without tariffs, transportation expenses would hinder large exports from the US.

In China, the world's largest metals consumer, economic growth rebounded in the third quarter driven by increased exports. However, the country's property sector continues its downturn, with new home prices falling in September for the third consecutive month.

Workers at Antofagasta's Centinela mine concluded their strike, which had commenced on October 7. Other LME metals showed mixed movements, with aluminium steady and zinc, lead, tin, and nickel recording gains.