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Copper prices fell amid growing concerns about increasing inventories.

Copper faced a 1% decline, settling at 713, driven by concerns over rising inventories at the London Metals Exchange (LME), reaching 174,900 tonnes—a 225% increase since July. Mixed factory data from China in November added uncertainty about demand. Disruptions in Panama, with First Quantum suspending operations, supported copper prices, affecting 1% of global supplies. 

Moody’s negative outlook on China’s credit rating, citing economic risks and property sector restructuring, influenced market sentiments. Chile’s Codelco reported a 5.7% YoY production drop in October. The global refined copper market shifted from a deficit of 21,000 metric tons in August to a 55,000 metric tons deficit in September, according to the International Copper Study Group (ICSG). The disruptions in Panama and the decline in Chilean production contributed to the market’s delicate balance. Despite a global surplus of 17,000 metric tons in the first 9 months of the year, adjusted figures for September showed a deficit, emphasizing the nuanced nature of copper dynamics. 

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