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2026-09-16 10:46:08
【Copper Prices Hold Steady: Rising Inventories and Widening Spreads as Market Awaits Fed Rate Hike Decision】 (1) Copper prices held steady as traders focused on rising inventories and widening spreads ahead of the Fed’s decision on a rate hike later on Wednesday. (2) London Metal Exchange (LME) futures rose slightly, continuing the previous day’s small gains; prices were still significantly lower than the record highs reached last week on bets that U.S. tariffs would drive supply tighter. (3) Traders have been shipping copper into U.S. warehouses all year, hoping to profit from tariffs pushing up domestic prices, but the White House has yet to introduce new measures. (4) Meanwhile, inventories at LME-certified overseas storage facilities continued to rise this week, mitigating the threat of supply tightness. (5) Three-month futures were trading at a premium of $62.53 per tonne to spot copper, a market structure known as a positive spread, indicating ample supply; in previous weeks, the inverse structure indicating market tightness—the spot premium—had dominated. (6) The Fed is widely expected to raise interest rates for the first time since 2023, which typically puts headwinds on non-yielding assets such as commodities.
