Iron Ore Prices Near One-Week High Due to Strong China Demand 🇨🇳 with Increased Resilience in Market
Iron Ore Prices Near One-Week High Due to Strong China Demand with Increased Resilience in Market
Copper Prices Keep Rising Due to Chile Supply Concerns and a Weaker Dollar 🇨🇱💵
Copper prices in the United States have declined following the easing of tariffs, which now apply only to semi-finished copper products, excluding refined copper and ore. This adjustment has realigned U.S. copper prices with global benchmarks, narrowing price spreads and normalizing trade flows, according to Bank of America analysts. The market also reacted to supply concerns after a fatal tunnel collapse at Chile's El Teniente mine, operated by Codelco and responsible for a quarter of the company's output, which has temporarily halted operations. These disruptions, coupled with a weaker U.S. dollar, have contributed to recent copper price gains in early Asian trading sessions. Meanwhile, iron ore prices have approached a one-week high, driven by strong demand from China amid government efforts to reform steel overcapacity. China's most active coking coal futures surged nearly 8%, and coke contracts rose over 5%, reflecting increased resilience in the commodities market. Other metals such as silver, nickel, gold, zinc, and copper also saw modest gains in Shanghai trading, while crude oil prices declined slightly.