Copper falls as higher dollar outweighs fresh supply woes
SINGAPORE: Copper dipped on Tuesday , weighed by a higher dollar and gloomy macroeconomics, which outweighed fresh fears about supply shortages driven by stock withdrawal requests on the London Metal Exchange (LME). The benchmark three-month copper on the LME was down 0.41% at $14,214 a metric ton by 0301 GMT. The most-traded copper contract on the Shanghai Futures Exchange edged 0.17% higher to…
Copper prices declined on Tuesday due to a stronger dollar and negative macroeconomic factors, which surpassed recent concerns about potential supply shortages, according to the London Metal Exchange. The benchmark three-month copper contract on the LME fell 0.41% to $14,214 per metric ton by 0301 GMT. The most-traded copper contract on the Shanghai Futures Exchange rose 0.17% to 107,930 yuan ($16,051.93) per ton.
The stronger dollar, fears of interest rate hikes, and cautious economic sentiment negatively impacted the metal, which also showed a reversal from Monday's gains driven by an increase in LME copper warrant cancellations.
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