Copper rises to near $10 000 a ton after four weeks of gains

Copper climbed toward its key threshold of $10 000 a ton on the London Metal Exchange, after advancing last month on a weaker dollar and relatively resilient demand.

The wiring metal gained 3% in August, and rose as much as 0.3% to $9 928 a ton on Monday. A softer dollar tends to benefit commodities priced in the greenback by making them cheaper for non-US buyers.

Copper last traded above $10 000 in July, but has proved relatively resilient despite some forecasts for lower prices after US President Donald Trump stopped short of placing import tariffs on the most widely traded forms of the metal. US copper futures are still trading at a premium over the London prices that are the global benchmark, and metal is still flowing to America.

The Bloomberg Dollar Index has softened as bets build on a US interest-rate cut at the next Federal Reserve meeting, and as investors grapple with Trump’s move to fire Fed Governor Lisa Cook. The greenback slipped further on Monday after a US court ruled many of his global tariffs illegal.

Copper demand has been supported this year by reasonably strong activity in China. Apparent consumption in the world’s biggest copper market rose by about 10% in the first half, according to Zijin Mining Group Co Still, there have been warnings of a more moderate outlook in the second half.

“Broad activity data in China appears to be weakening, and apparent consumption growth of copper and aluminium has slowed in recent months, in line with our expectations,” Goldman Sachs Group analysts said in a note dated August 29.

LME copper was up 0.2% to $9 923 a ton by 12:12 p.m. Shanghai time. Zinc and nickel rose, while aluminium edged lower.

© 2025 Bloomberg

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