Global Exchanges See Copper Slide Copper valuations are facing a noticeable sell-off across international markets. Three-month futures on the London Metal Exchange (LME) slipped by 1.1%, dropping to $14,338.00 per ton (down from the previous session’s close of $14,490.50). This downward momentum is mirrored in the US, with New York’s Comex reporting a 1.51% decline to $6.5600 per pound. Similarly, on the Shanghai Futures Exchange (SHFE), the metal fell by 1.59%, trading at 109,250 yuan per ton.
Hot US CPI Data Shifts Market Sentiment The primary catalyst for this pullback is the latest consumer price data from the United States. September’s headline CPI rose by 3.7% year-over-year—surpassing the 3.6% forecast—alongside a 0.6% monthly increase. Core inflation also came in hotter than anticipated, climbing 2.6% annually and 0.3% month-over-month. Analysts at Guangzhou Futures point out that these robust figures have significantly amplified inflation expectations, heavily weighing on base metals.
Consequently, market participants are increasingly pricing in a more aggressive monetary policy from the Federal Reserve. While policymakers might opt for a pause during this month’s meeting, the likelihood of a rate hike in December is growing. Higher borrowing costs are inherently bearish for commodities like copper, as they tend to cool economic activity and inflate operational costs.
Year-to-Date Perspective Despite the current correction, copper maintains a highly profitable year-to-date trajectory. Since the beginning of 2026, LME copper has surged by 16.6%, peaking at a record high of $14,875 per ton in September. Long-term gains remain similarly strong across other hubs, with YTD growth standing at 15.5% on the Comex and 11.4% on the SHFE.
