LME Copper Futures Retreat from Seven-Month High

On September 3, LME copper futures pulled back from a seven-month high due to rising global oil prices and inflation concerns triggered by escalating tensions in the Middle East. Market expectations for further interest rate hikes by the Federal Reserve have also increased. In the spot market, copper inventory trends show divergence, with slowing destocking in some regions. Tightened financing conditions and rising borrowing costs are suppressing downstream demand, creating a challenging outlook for the metal.