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Copper hits three-month low to attract consumers purchasing

Copper prices continued to fall for their fifth successive session on Thursday to their threemonth low to attract customers purchasing the dip.

Three-month copper on the London Metal Exchange (LME). dipped to $8,867 per metric load, its least expensive given that Aug. 12. Losses narrowed in the afternoon with copper dropping 0.5%. at $8,998.5 per metric heap as at 1734 GMT.

More traders are taking advantage of cost gaps in between the. LME and its Chinese peer, the Shanghai Futures Exchange (ShFE).

Quite some buy-LME-sell-ShFE activity was seen these few. days, senior metals strategist Alastair Munro with Marex stated.

Disadvantage could be limited as he saw a return of physical. copper buyers to LME after successive days of decreases.

That consists of consumers from South America and Europe, he. said.

On the macro front, metals prices stay pushed by a strong. U.S. dollar, currently at its one-year high. It makes the. greenback-priced metals more pricey for other currency. holders.

Supporting the dollar is likewise a growing expectation for. fewer rate of interest cuts from the Federal Reserve next year as. inflation remained sticky.

Keeping interest rate high will support dollar purchasing.

More cues on the future path of policy rates will feature. remarks from Fed Chair Jerome Powell, due later on in the day.

For other metals, zinc was up to its two-month low of $2,867.5. as steel market in China stayed weak to depress the. galvanising need. It last traded 2.9% lower at $2,893.7.

LME aluminium fell 0.5% to $2,518.5 a ton, nickel. dropped 0.5% to $15,645, lead lost 2.4% to. $ 1,961 and tin fell 2.6% to $28,900.

(source: Reuters)