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Copper stays range bound as US tariff uncertainty, oil inflation risks weigh. ETMarkets.com Last Updated: Oct 21, 2026, 12:26:00 AM IST Copper prices remained range bound as uncertainty over potential US tariffs and inflation risks from higher oil prices kept traders cautious. China's copper scrap shortage supported refined copper demand, while record high US inventories and cautious buying limited gains. Goldman Sachs expects copper prices to average $15,400 a ton in 2027. Copper prices remained stuck in a narrow range on Tuesday, with uncertainty over potential US import tariffs and concerns that higher oil prices could fuel inflation keeping traders cautious, Reuters reported. Three month copper on the London Metal Exchange was up 0.1% at $14,353 a metric ton by 0955 GMT, marking a third straight session of tight trading. As on 21 Oct 2026, 12:06 AM IST S&P 500 top gainers. Hasbro 108.64(10.31%) 3M 171.11(5.61%) S&P 500 top losers. DaVita 173.79(-7.06%) The metal has gained 55% since Donald Trump returned to the US presidency in January 2025, even as global demand fell 0.5% to 27 million metric tons, Panmure Liberum analyst Tom Price said in a note. China demand offers support. A shortage of copper scrap in China was providing another source of support. Goldman Sachs said the shortfall was increasing China's need for refined copper through domestic inventory drawdowns, while the US continued importing metal and building stocks ahead of possible tariffs. The Yangshan copper premium, a key gauge of China's demand for imported copper, climbed 0.7% to $138 a ton, its highest level in almost four years. Tariff uncertainty keeps traders cautious. The White House is yet to decide on tariffs on refined copper, with the administration increasingly focused on affordability ahead of November's midterm elections, Reuters reported in September, citing people familiar with the matter. Chinese broker Everbright Futures said cautious purchasing at high prices and uncertainty over US tariffs could keep copper prices range bound in the near term. Meanwhile, copper inventories on the Comex stood at a record 718,199 metric tons, up sharply from 87,241 in January 2025, highlighting the build up of metal in the US. Goldman Sachs expects copper prices to average $15,400 in 2027, compared with $14,700 at the end of 2026. Supply disruptions also remained in focus. BHP Group and Anglo American reported copper production declines of 19% and 5%, respectively, due to disruptions in Chile, although both maintained their full year output guidance. Among other LME metals, aluminium fell 0.8% to $2,993, zinc lost 0.7% to $3,688, while nickel rose 0.5% to $15,600. Tin gained 0.1% and lead was steady. (Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times) ( Originally published on Oct 20, 2026)

London open: FTSE falls as investors mull UK jobs data. London stocks fell in early trade on Tuesday as civil unrest in France and Italy continued to dent sentiment, and as investors mulled the latest UK jobs data. At 0850 BST, the FTSE 100 was down 0.3% at 10,729.67, while sterling was up 0.3% against the dollar at 1.3349 after figures from the Office for National Statistics showed the unemployment rate unexpectedly dipped in August, although the number of vacancies also continued to fall. The unemployment rate in June to August was 4.7%, better than the 4.9% markets were expecting and down 0.1 percentage points on both the year and quarter. However, vacancies also fell, by an estimated 2.9% quarter-on-quarter in the three months to September, as small firms opted to hold back on hiring amid higher costs. It was the largest fall since the start of the year. David Freeman, deputy director of labour market statistics at the ONS, said: "The number of vacancies has seen its largest fall since the start of the year, concentrated mainly within smaller businesses, which cite increased labour costs as a key factor." Wage growth, meanwhile, remained relatively stable. Annual growth in employees' average regular earnings excluding bonuses was 3.7%, up from 3.6% and marginally ahead of consensus for no change. Including bonuses, and growth slowed to 3.7% from 3.9%, the lowest rate in nearly six years. Driving the growth was the public sector, where annual average regular earnings growth was 6.3% compared to 3% in the private sector. Adam Deasy, economist at PwC UK, said: "A fall in headline unemployment will be welcomed by the Prime Minister ahead of the Budget next week, but the underlying figures stress that the labour market still faces challenges. The Budget may bring some targeted interventions, but don't be surprised if the bulk of structural measures around youth inactivity and disability are held until the Milburn and Timms reviews are complete later in the year." Investors were also looking ahead to the latest quarterly results from streaming giant Netflix, due after the close of US markets. In equity markets, Bunzl slumped despite posting a rise in third-quarter revenue and reiterating its full-year outlook. Genuit tumbled after the provider of sustainable water and climate products warned that full-year profits would miss market expectations amid ongoing challenging market conditions. It now expects full-year underlying operating profit of around £84m, versus consensus expectations of £91m to £96m. On the upside, Anglo American gained as it posted a 5% drop in third-quarter copper production, driven mainly by unprecedented weather events in Chile, but said it was on track to meet full-year guidance. DIY group Wickes also rose as it said it was on track to meet full-year expectations after reporting a 4% rise in third-quarter revenues driven by strong growth in retail trading. Market Movers FTSE 100 - Risers FTSE 100 - Fallers FTSE 250 - Risers FTSE 250 - Fallers