Copper futures rose to around $5.7 per pound, rebounding from a more than one-week low as prices stabilized following recent declines amid a stronger US dollar.

The greenback remained firm as investors awaited details from the Federal Reserve’s latest policy meeting for clues on the rate outlook.

However, gains were slightly tempered by rising copper inventories in exchange-monitored warehouses, which climbed to their highest level in roughly 11 months, reinforcing concerns about near-term oversupply.

Analysts cautioned that it may take time for stockpiles to be drawn down, particularly during seasonal holiday periods when physical demand typically slows.

On the supply side, Chilean miner Antofagasta reported a sharp increase in annual core earnings, supported by last year’s record copper prices.
Source: Trading Economics