Copper prices traded on the London Metal Exchange (LME) fell 0.5% to $9,714.50 a tonne after hitting $9,924 on July 28, the highest level since June 15.

Copper prices traded on July 29 near a six-week high as investors awaited details from a Federal Reserve meeting that could change expectations for US monetary policy.
Meanwhile, broader markets calmed down after days of uncertainty stemming from China, with global equity markets, dollar and yuan (CNY) steady.
Copper prices traded on the London Metal Exchange (LME) fell 0.5% to $9,714.50 a tonne after hitting $9,924 on July 28, the highest level since June 15.
Copper is used in the electricity and construction sectors, and the price of copper rose to a record high of $10,747.50 in May. Up about 25% this year after rising 26% in 2020, some analysts believes that strong demand and tight supply could push prices still higher.
POLL: A Reuters poll of 23 analysts returned an average copper forecast of $9,000 for the fourth quarter.
Demand for commodities in China, the largest consumer of raw materials, is likely to slow in the second half of 2021, but copper demand will remain strong due to subsidies for offshore projects.
Copper stocks in Shanghai Futures Exchange (ShFE) warehouses are below 100,000 tons from nearly 230,000 tons in May and Yangshan copper import premium has doubled since early July, indicating demand overseas metals increased.

Inventories at London warehouses, at 230,225 tonnes, were the highest since June 2020.
Aluminum prices rose 1.5% to $2,528 a tonne, zinc fell 0.4% to $2,970, lead rose 0.6% to $2,352, tin rose 0.3% to $34,490 and nickel was higher. 1.2% to $19.585.

Source: VITIC/Reuters

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