1054 GMT - Copper prices are headed for a weekly loss of 2.7% as a prolonged conflict in the Middle East risks weighing on the global economy and demand. In afternoon European trading, three-month copper futures on the LME are flat at $13,610 a metric ton. "Copper has fallen by about 5% from its mid-May high," analysts at Commerzbank say. "This is likely due primarily to generally higher risk aversion resulting from rising oil prices." Market fundamentals, however, are supportive. Chile cut its copper production forecast due to low ore grades and operational issues, while Indonesia's Grasberg Mine is resuming production slower than expected. Meanwhile, production in China fell 4.5% in April compared to the previous month and was only 3% higher year-on-year, according to Commerzbank. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

May 22, 2026 06:55 ET (10:55 GMT)

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