Global copper short-term outlook October 2023

Much like September, copper prices struggled for direction through much of October, weighed down by rising LME stocks, a deterioration in sentiment and the stronger dollar. Concerns more recently have been focussed on the rising geopolitical risk across the Middle East and the possibility that oil prices will remain elevated or trend higher. Meanwhile, signs of economic improvement in China helped to underpin prices over the final trading days of the month.