LIVE FUTURES REPORT 19/09: Comex copper price inches higher; dollar retreats

Comex copper prices maintained Monday's gains on Tuesday September 19, with market participants awaiting the results of upcoming monetary policy meetings.

Copper for December delivery on the Comex division of the New York Mercantile Exchange moved up 0.10 cents, or 0.1%, to $2.97 per lb.

Base metals prices stabilised ahead of the outcome of the latest US Federal Open Market Committee’s monetary policy meeting on Wednesday September 20.

The policy-board is not expected to raise rates tomorrow, limiting the impact it will have on the copper market. However, rising London Metal Exchange and Chicago Metal Exchange stocks are placing a significant headwind on the red metal.

“We remain bullish for copper’s fundamentals overall as improving demand and supply disruptions are set to tighten the supply/demand balance,” Metal Bulletin analyst James Moore said. “But the recent build in stocks does little to signal any shortage of material, as the market continues to work through ample scrap availability brought out by higher prices.”

Meanwhile in precious metals, Comex gold for December settlement rose $3.10, or 0.2%, to $1,313.90 per oz.

Currency moves and data releases

  • The dollar index was down 0.16% at 91.83.
  • In other commodities, the Texas light sweet crude oil spot price rose 46 cents to $50.58 per barrel.
  • The economic agenda is relatively light today. The EU’s July current account balance showed a slightly higher surplus of €25.1 billion ($29.9 billion). In the US, building permits in August came in at 1.3 million. Housing starts over the same period were in-line with expectations at 1.18 million.
  • Import prices compared to last month rose 0.6%, an improvement over the previous figure of 0.1%.
What to read next
The US aluminium industry is experiencing challenges related to tariffs, which have contributed to higher prices and premiums, raising questions about potential impacts on demand. Alcoa's CEO has noted that sustained high prices could affect the domestic market. While trade agreements might provide some relief, analysts expect premiums to remain elevated in the near term. However, aluminum demand is projected to grow over the long term, supported by the energy transition and clean energy projects. To meet this demand, the industry will need to increase production, restart idle smelters and address factors such as electricity costs and global competition.
Read Fastmarkets' monthly base metals market for May 2025 focusing on raw materials including copper, nickel aluminium, lead, zinc and tin.
The Mexico Metals Outlook 2025 conference explored challenges and opportunities in the steel, aluminum and scrap markets, focusing on tariffs, nearshoring, capacity growth and global trends.
China has launched a coordinated crackdown on the illegal export of strategic minerals under export control, such as antimony, gallium, germanium, tungsten and rare earths, the country’s Ministry of Commerce announced on Friday May 9.
Fastmarkets proposes to amend the frequency of Taiwan base metals prices from biweekly to monthly, and the delivery timing for the tin 99.99% ingot premium from two weeks to four weeks.
The US-China trade truce announced on May 12 has brought cautious optimism to China’s non-ferrous metals markets, signaling a possible shift in global trade. Starting May 14, the removal of additional tariffs has impacted sectors like battery raw materials, minor metals and base metals such as zinc and nickel, with mixed reactions. While the improved sentiment has lifted futures prices and trade activity, the long-term effects remain unclear due to challenges like supply-demand pressures and export controls.