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Copper futures fell to around $6.55 per pound on Monday, retreating from recent gains as a sharp build-up in exchange inventories eased concerns over near-term supply tightness. LME-monitored copper inventories stood at 238,575 tons on August 20, about 16% above their February low, while SHFE-monitored stocks jumped 28.4% last week to 89,548 tons. The rise in inventories, along with a sharp narrowing in the LME cash premium over three-month copper, pointed to improved near-term availability and weighed on prices. Meanwhile, Zijin Mining warned that flooding at the Kamoa-Kakula copper complex in the Democratic Republic of Congo could reduce its share of production by as much as 57,000 tons this year, highlighting continued risks to global supply. A weaker US dollar helped limit the decline, while investors await the Jackson Hole meeting and the Federal Reserve Chair’s speech for clues on interest rates.
