Copper near four-month low amid rising inventories

Copper futures turned lower after witnessing decent gains in last session amid elevated LME inventories which. Equities were mixed Asian stocks slipped. China’s Shanghai Composite Index fell 0.67%. In Hong Kong, the Hang Seng index dipped 1.26%. Japan’s Nikkei 225 Index lost 0.70%. European stocks rose impressively today, adding to recent gains. The US stocks edged higher on Wednesday, with the tech sector leading the way as markets eyed third-quarter earnings. Copper pulled back near four-month lows today, approaching $6.20 per pound and is down around 1.26% on the day right now. MCX Copper futures have lost 1% to trade at Rs 1328.50 per kg.

Meanwhile, cues from China remain supportive and could cap losses for the red metal. OPEC noted yesterday that China’s economy expanded by a stronger-than-expected 4.5%, y-o-y, in 3Q26, bringing growth in the first nine months to 4.6% and leaving the official 2026 growth target of 4.5–5% within reach. The economy nevertheless remains uneven, with relatively strong production, technology-related activity and exports contrasting with considerably weaker domestic demand. Retail sales rose by only 1.1% in September. Services consumption performed better, increasing by 5% during the first nine months.

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