Helped by a weaker US dollar, the price of copper during the LME period rose

The University of Michigan survey showed that U.
S.
consumer confidence fell to its lowest level in a decade, and the outlook for everything from personal finances to inflation and jobs was less optimistic
.
Saxo Bank analysts said the weak University of Michigan survey had sharply lowered the dollar, boosting risk appetite
across the metals market.
Clearly, market sentiment is being affected by the Delta variant, which raises the question of whether the Fed is ready to scale back its asset purchase program
.

A weaker dollar has made metals cheaper
for holders of other currencies.
Global equities hit record highs after the release of U.
S.
data, highlighting risk sentiment
in the market.

Escondida, Chile, the world's largest copper mine, avoided a strike, easing supply concerns
.
But workers at a copper mine owned by Chile's state-run Copper Company (Codelco) and JX Nippon Copper's Case r ones copper mine said they would go on strike
.

Codelco said Friday that the strike that began the day before due to deadlock in labor contract negotiations had led to a curtailment
in the level of operations at its And in a mine.

At a time when high copper prices were raising workers' expectations for improved benefits, two union members in And in a rejected a new collective bargaining agreement
.

On Friday, LME registered warehouse receipt copper stocks stood at 222,600 tonnes, near their highest level
since May 2020.
The Shanghai Futures Exchange reported on Friday that copper inventories fell 6.
5 percent to 93,032 tonnes
.
Shanghai Yangshan copper premium rose to $65 a tonne, the highest since March 23, indicating that China's demand for imported copper is improving
.

Jefferies analysts said copper supply constraints do not depend on strikes, adding that global copper supply will continue to be lower than expected and insufficient supply growth should be positive
for copper prices.

Fitch Solutions said in a report that copper and aluminum markets are already tight due to tight
supplies in Chile, Peru and China.
Slowing demand in China also weighs on the outlook for base metals, but potential supply disruptions caused by the global coronavirus pandemic pose upside risks
to the sector, Fitch said.