METALS-Copper slips on profit-taking as US dollar firms
By Brijesh Patel
Oct 8 (Reuters) - Copper prices slipped on Wednesday as a stronger U.S. dollar prompted some investors to book profits after the red metal hit a 16-month high earlier this week on concerns over supply disruptions.
Three-month copper on the London Metal Exchange CMCU3 fell 0.6% to $10,692 per metric ton at 0139 GMT. On Monday, the metal hit its highest since May 2024.
The dollar index .DXY extended gains to a third straight session, touching more than one-month high against its rivals. A firmer dollar makes greenback-denominated assets more expensive for holders of other currencies. FRX/
Operations at Indonesia's Grasberg mine, the world's second-largest copper mine accounting for 3% of global concentrate production, remain halted for nearly a month after a mud-flow disaster killed seven workers.
The operational suspensions at Grasberg, coupled with disruptions at Kamoa-Kakula in the Democratic Republic of Congo and El Teniente mine in Chile, suggest supply concerns are likely to persist this year.
"The recent supply side disruptions remain a supportive factor for copper prices," analysts at ANZ said.
Grasberg didn't say when operations would be back to normal. This, coinciding with disruptions in Chile, are helping copper, ANZ said.
Chile's output fell 9.9% year-on-year in August after an accident at Codelco's flagship mine on July 31.
The world's largest copper producer exported $4.39 billion worth of the metal in September, down 2.03% year-on-year, Chile's central bank said on Tuesday.
Among other London metals, aluminium CMAL3 eased 0.1% to $2,738 a ton, nickel CMNI3 fell 0.4% to $15,425, lead CMPB3 lost 0.1% to $2,008.5, zinc CMZN3 slipped 0.3% to $3,034, while tin CMSN3 was steady at $36,450.
Chinese markets are closed from October 1 to 8 for the Golden Week holiday.
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