METALS-Copper slips as US dollar firms, traders book profits

(Updates prices) By Brijesh Patel Oct 8 (Reuters) – Copper prices slipped on Wednesday, weighed down by a stronger U.S. dollar and profit-taking after the metal hit a 16-month high earlier this week on concerns over supply disruptions. Three-month copper on the London Metal Exchange fell 0.5% to $10,708 per metric ton by 0317 GMT. On Monday, the metal hit its highest since May 2024. The dollar index extended gains to a third session, touching a more than one-month high against its rivals. A firmer dollar makes greenback-denominated assets more expensive for holders of other currencies. Operations at Indonesia's Grasberg mine, the world's second-largest copper mine accounting for 3% of global concentrate production, have been halted for nearly a month after a mud-flow disaster killed seven workers. The operational suspensions at Grasberg, coupled with disruptions at Kamoa-Kakula in the Democratic Republic of Congo and the El Teniente mine in Chile, suggest supply concerns are likely to persist this year. "The recent supply-side disruptions remain a supportive factor for copper prices," analysts at ANZ said. Grasberg didn't say when operations would be back to normal. This, along with disruptions in Chile, are helping copper, ANZ said. Chile's output fell 9.9% year-on-year in August after an accident at Codelco's flagship mine on July 31. The world's largest copper producer exported $4.39 billion worth of the metal in September, down 2.03% year-on-year, Chile's central bank said on Tuesday. Among other London metals, aluminium was steady at $2,740 a ton, nickel fell 0.3% to $15,450, lead lost 0.2% to $2,007.5, zinc slipped 0.3% to $3,035 and tin was down 0.3% at $36,445. Chinese markets are closed from October 1 to 8 for the Golden Week holiday. For the top stories in metals and other news, click or (Reporting by Brijesh Patel in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)