Copper prices on the London Metal Exchange (LME) declined today amid weak demand and improved supply, according to ANZ analysts. Chile, one of the world’s leading copper producers, reported an 8% year-on-year increase in copper production, reaching 444,000 tons in May, the highest monthly output this year.
The production boost was attributed to the expansion at the Quebrada Blanca mine and improvements at the Escondida mine in Chile. As of 0742 IST, the three-month copper contract on LME was trading at $9,586.5 per ton, down 0.2% from the previous close.
Gold prices on the COMEX saw a slight decrease today as investors await further guidance on the U.S. Federal Reserve’s monetary policy. ANZ analysts highlighted the importance of clarity on the timing of Fed rate cuts for gold investors, as higher interest rates tend to make non-interest-yielding bullion less attractive.
Investors are particularly looking forward to a speech by U.S. Federal Reserve Chair Jerome Powell on Tuesday for more insights on interest rates. At 0730 IST, the August gold contract on COMEX was at $2,336.9 per ounce, down 0.1% from the previous close. 
