Copper for July delivery fell 1% from Thursday’s settlement price, reaching $ 4.269 per pound ($ 9,391 per tonne) at noon on Friday in the New York Comex market.

Click here for an interactive copper price chart

Inventories of suppliers and steelmakers jumped after the announcement.

Caterpillar gained 2.6% after jumping 3.8% in New York on Thursday, the most in three months. US Steel Corp. climbed more than 3% and Nucor Corp., the largest steel producer in the United States, rose 2%.

US President Joe Biden has passed a bipartisan Senate deal to spend hundreds of billions of dollars on infrastructure projects, building roads, bridges and highways in an increased effort to boost the US economy.

“We made a deal,” Biden said in a tweet.

“A group of senators – five Democrats and five Republicans – have come together and struck an infrastructure deal that will create millions of jobs in the United States. “

“Biden has announced that he accepts the infrastructure plan… but basically the current traditional peak copper season is ending,” Huatai Futures said in a report.

“On the supply side, processing costs continue to rise and the impacts of the release of state reserves overlap.”

China’s major copper smelters set their third-quarter ground processing and refining charges at $ 55 per tonne and 5.5 cents per pound, from 53 / 5.3 cents in the first quarter, said sources.

(With files from Reuters)