Growing Surplus Pushes Copper Prices Down to $7,069 a Tonne in London

Copper prices in London fell due to a rising dollar and fears over rising supplies of the industrial metal. Three-month copper prices were down $26.16 to $7,069 a tonne, according to Reuters.

The International Copper Study Group reported the global copper market had a 21,000-tonne surplus in August after experiencing three months of declines.

“We think the copper market has a problem with supplies continuing to increase despite the lower prices and the lackluster demand outlook. We expect prices to end the year at $6,750 a tonne,” Tom Pugh, an analyst at Capital Economics, told Reuters.

A deal with Iran and six world powers including the U.S. over the Middle Eastern country’s nuclear program helped push copper prices up today in New York. Copper futures for December delivery rose $0.15 to $3.22 a pound, The Wall Street Journal reported.