2025.10.3110:31:49UTC+00Copper Extends Decline from 3-Month High

Copper futures experienced a decline to $5.05 per pound from a three-month peak of $5.17, noted on October 29th. This downturn was influenced by bearish demand indicators and a strengthening dollar, which temporarily overshadowed prevailing concerns over constrained supply that have recently shaped market discourse. China's official manufacturing PMI reported its seventh consecutive contraction, highlighting the adverse effects of reduced consumer purchasing power and increased protectionism on manufacturing demand in the world's largest consumer of copper. Nevertheless, US futures continued to see significant gains this month, approaching record highs on the London Metal Exchange (LME). This trend was fueled by a series of adverse supply disruptions, with major mining companies like Glencore and Anglo American announcing diminished output during the first nine months of the year. Adding to the supply concerns, a fatal landslide at a Freeport-McMoRan mine in Indonesia led to a halt in operations, affecting more than 3% of global supply and prompting consumers to seek alternative sources.