Copper Slides in Thin Trading as Global Metal Stockpiles Rise

Industry Overview - Copper prices declined in thin trading on the London Metal Exchange, influenced by rising stockpiles and a selloff in US technology stocks [1] - Futures in London fell as much as 2.1%, dipping below $12,600 a ton, with global inventories reaching the highest level since March [2] - Industrial demand for metals like copper has cooled in China, the world's largest consumer, due to near-record prices [3] Market Dynamics - The LMEX Index, which tracks six main base metals, hit a record last month due to Chinese buying and a weaker US dollar, but has since retreated as traders await new catalysts [4] - BHP Group reported a more than 20% increase in first-half earnings, with copper now accounting for over half of the company's profits, despite weaknesses in its China-focused iron ore and steel-making coal businesses [5] - Antofagasta Plc also reported record core earnings, but its shares fell due to declining copper and gold prices impacting mining stocks [5] Current Trading Conditions - As of 4:38 p.m. in London, copper futures were 1.5% lower at $12,657 a ton, with nickel down 1.4% and lead also declining [6]