Copper prices have picked up from the lows of mid-July but have merely returned to the levels recorded at the start of the month. The LME 3M copper price is currently trading at just under $6,000 /t and has shown a 2% variance around an average monthly price of $5,957 /t in July (range $5,822-6,078 /t). As has been the case in recent months, copper fundamentals are still not the main driver of price movements. Macroeconomic factors are having a bigger impact, including the continued strength of the US dollar, uncertainty over trade talks, and weak macroeconomic data releases from key economies, particularly China and Europe.
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