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LME Copper Prices Decline Amid Strong Dollar, Weak Chinese Demand

23 May 2024 8:27 am
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Mumbai, 23 May (Commoditiescontrol): Copper prices on the London Metal Exchange (LME) dropped on Thursday, influenced by a stronger U.S. dollar and diminishing demand in China, the world’s largest consumer. Three-month copper on the LME decreased by 0.9% to $10,325 per metric ton, while the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) fell 4% to 83,230 yuan ($11,492.05) per ton.

The dollar approached a one-week high after experiencing its best day of the month against major currencies. This surge followed the release of hawkish minutes from the latest Federal Reserve meeting, which revealed that some officials were open to raising interest rates. A stronger dollar makes dollar-priced commodities more expensive for buyers using other currencies, thereby reducing demand.

Additionally, the demand for metals in China is weakening. Significant price increases this year have led to reduced consumption among copper users and increased inventory levels.

Other base metals also saw declines. On the LME, aluminium slipped 0.2% to $2,631 per ton, nickel fell 1.1% to $20,145, zinc decreased by 0.6% to $3,043, tin remained relatively stable at $33,500, and lead dropped 0.6% to $2,301.

In the Chinese market, SHFE aluminium declined 2.2% to 20,910 yuan per ton, zinc dropped 2% to 24,395 yuan, tin fell 2.2% to 272,790 yuan, lead slid 0.6% to 18,440 yuan, and nickel was down 3.6% to 152,080 yuan.

(By Commoditiescontrol Bureau: 09820130172)

       
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