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Copper futures faced a strong US dollar and supply chain issues
December Copper futures attempted a breakout, reaching a nine-week high, but reversed sharply amid a 3.9% pull back. This reversal was influenced by supply concerns after Freeport-McMoRan cut production guidance from the Grasberg mine. The market remains tight due to resilient Chinese demand and growth in renewable sectors, contrasting with weaker consumption in the U.S. and Europe. Additionally, the recent strength of the U.S. dollar has acted as a headwind, preventing a sustained rally in Copper futures. The market is expected to remain tight, with a potential inventory draw down.
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