Copper fell about 1% to $6 per pound on Wednesday, trimming gains from the previous session amid rising inventories at major trading hubs in Shanghai, London, and New York. The red metal decoupled from gold and silver, which climbed for a second day on safe-haven demand, as investors assessed soft physical demand and ample supply for copper. On Tuesday, copper had surged nearly 5% in its best one-day gain since November 2022, driven by a broad rebound in metals after a historic drop. Chinese manufacturers also bought to replenish inventories at lower prices, while a state-backed industry group urged authorities to increase strategic reserves of the metal. In corporate developments, Glencore agreed to sell 40% of its stakes in two African copper operations to a US government-backed group, as Washington seeks greater control over critical minerals.
