Latest news with #LME
Business Recorder
12 hours ago
- Business
- Business Recorder
Copper hits near one-week low on stronger dollar, growth fears
Copper prices touched a near one-week low on Thursday and other base metals also slipped, dragged down by a strong dollar and mounting global growth fears amid escalating tensions between Israel and Iran. The LME's three-month copper was down 0.5% at $9,609 per metric ton in official open-outcry trading. Prices hit their lowest level since June 13. 'A stronger U.S. dollar on higher on geopolitical concerns tends to weaken U.S. dollar-based prices. Long-only funds are sitting on the sidelines due to elevated risk concerns,' said SP Angel analyst John Meyer. The pullback also reflects reduced activity as U.S. traders are away for the Juneteenth holiday on Thursday, he added. The dollar firmed, buoyed by rising Middle East tensions and as Federal Reserve Chair Jerome Powell's cautionary tone on inflation, and oil prices jumped. Israel struck a key Iranian nuclear site and Iranian missiles hit an Israeli hospital, as U.S. President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes seeking to destroy Tehran's nuclear facilities. Copper eases on growth concerns, firmer dollar War, elevated oil prices and inflation tend to disrupt supply chains, increase costs, and dampen investment, slowing global growth. LME copper inventories dropped by 4,025 tons to 103,325 tons, data for Wednesday showed. This marked the weakest level in more than a year. In recent months, copper has been flowing to the United States, where it attracts a premium due to expectations Trump will impose tariffs on the metal. LME aluminium fell 0.8% to $2,526. Meanwhile, premiums for consumers buying aluminium on the physical market in the United States fell more than 7% on Wednesday as traders speculated that U.S. import tariffs on shipments from Canada could be cut, metal industry sources said. LME tin lost 0.5% to $32,200, zinc shed 0.3% to $2,630, lead inched 0.4% lower to $1,986, while nickel was down 0.1% at $15,035. The International Lead and Zinc Study Group on Wednesday said the global zinc market surplus narrowed in April while the lead market swung to surplus.
Mint
16 hours ago
- Business
- Mint
LME copper price today: London copper falls on stronger dollar, Israel-Iran war in focus; MCX copper price trades lower
Copper prices in the international market continues to trade in red on Thursday amid ongoing tensions between Israel and Iran, weakening investors confidence. On the London Metal Exchange (LME), copper price was down 0.56% at $9,601.5 per metric ton. However, copper prices on the Shanghai Futures Exchange (SHFE) declined up 0.39% to 78,310 yuan per metric ton. Back home, the red metal on multi-commodity exchange (MCX) also traded flat. MCX Copper price was down 0.32 per cent to ₹ 877.05 per kg, as compared to previous close of ₹ 879.90 per kg. The dollar strengthened, supported by increased safe-haven demand amid rising concerns over a wider conflict in the Middle East and potential U.S. involvement. According to analysts, LME copper inventories have also halved this year, reflecting both robust Chinese demand and supply disruptions across major mining regions influencing major drawdowns. Copper supply remained constrained, with inventories in LME-registered warehouses falling to 107,350 tons—a 60% decline since March—marking their lowest level since May 2024, as per reports. Investors remained focused on escalating Middle East tensions, as U.S. President Donald Trump continued to keep markets uncertain about whether Washington would back Israel's attacks on Iranian nuclear facilities, with the conflict now in its seventh day. According to Motilal Oswal report, MCX Copper has given a breakout above the descending trend line on daily chart, confirming resumption of the prevailing bullish trend. ' Price action continues to display a classic bullish structure, marked by a sequence of higher highs and higher lows. Additionally, 14-period RSI on the daily chart is holding above the 60 level, suggesting strengthening bullish momentum," the brokerage firm said in a note. The firm further recommended investors to buy in the range of ₹ 882 – ₹ 880, with a stop-loss below ₹ 855 on a closing basis and upside targets at ₹ 915. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Business Recorder
18 hours ago
- Business
- Business Recorder
Copper prices flat as traders assess geopolitical risks, supply constraints
SINGAPORE: Copper prices on the Shanghai Futures Exchange and London Metal Exchange were largely flat on Thursday, as the market focused on developments in the Israel-Iran conflict while tight supply provided price support. The LME's three-month copper was nearly flat, up $2 to $9,657.50 per metric ton by 0107 GMT, while SHFE's most-traded copper contract was also little changed, down 30 yuan to 78,590 yuan ($10,930.31) a ton. Investors closely watched tensions in the Middle East tensions as US President Donald Trump kept the world guessing about whether Washington would join Israel's bombardment of Iranian nuclear sites as the conflict entered its seventh day. In the longer term, 'any sustained spike in energy prices is likely to ultimately weigh on the copper market due to the higher cost to producers,' ANZ said. Copper supply was tight, with stocks in LME-registered warehouses at 107,350 tons dropping 60% since March, and are at their lowest since May 2024. On Wednesday, the US central bank held interest rates steady, signalling that borrowing costs are still likely to fall in 2025, and the US dollar index traded higher against most major currencies. A higher dollar usually makes greenback-priced commodities more expensive, capping gains on the prices of metals. Copper steady ahead of Fed decision, focus on Middle East LME aluminium was flat at $2,546, while tin firmed by 0.3% to $32,465, zinc gained 0.1% at $2,640, lead inched 0.1% higher to $1,995.5, and nickel rose 0.1% to $15,065. SHFE nickel gained 0.6% to 119,030 yuan a ton, tin rose 0.3% to 264,240 yuan, aluminium advanced 0.2% to 20,680 yuan, lead gained 0.2% to 16,870 yuan, while zinc eased 0.1% to 21,980 yuan.
Business Recorder
a day ago
- Business
- Business Recorder
Copper steady ahead of Fed decision, focus on ME
LONDON: Copper prices steadied on Wednesday due to a softer dollar ahead of a Federal Reserve decision on US interest rates while the escalating conflict in the Middle East and its impact on growth and demand dominated the mood. Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $9,684.50 a metric ton in official rings. With the Federal Reserve's decision on interest rates just hours away and US markets closed on Thursday for the Juneteenth holiday, activity in metals is subdued, traders said. Oil prices have risen over the past few days as markets assessed the chances of supply disruptions from the Iran-Israel war. The US military is bolstering its presence in the region, Reuters reported, sparking speculation of US intervention that investors fear could widen the conflict in an area replete with energy resources, supply chains and infrastructure. 'Copper and other industrial metals came under pressure ... reflecting the idea that global growth is at risk because of the oil price spike,' said Panmure Liberum analyst Tom Price. 'We haven't got an end to the conflict, but they are already talking about one, so the market is sort of settling down and going back to trading as it would normally.' Elsewhere, concerns about copper availability in the LME system due to falling stocks, large holdings of warrants - title documents conferring ownership - and cash contracts have pushed up the premium for nearby contracts. Copper stocks in LME registered warehouses at 107,350 tons have dropped 60% since March and are at their lowest since May 2024.
Business Recorder
2 days ago
- Business
- Business Recorder
Copper steady ahead of Fed decision, focus on Middle East
LONDON: Copper prices steadied on Wednesday due to a softer dollar ahead of a Federal Reserve decision on U.S. interest rates while the intensifying conflict in the Middle East and its impact on growth and demand dominated the mood. Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $9,691 a metric ton at 1001 GMT. With the Federal Reserve's decision on interest rates just hours away and U.S. markets closed on Thursday for the Juneteenth holiday, activity in metals is subdued, traders said. Oil prices risen over the past few days as markets assessed the chances of supply disruptions from the Iran-Israel conflict. The U.S. military is bolstering its presence in the region, Reuters reported, sparking speculation of U.S. intervention that investors fear could widen the conflict in an area replete with energy resources, supply chains and infrastructure. 'Copper and other industrial metals came under pressure … reflecting the idea that global growth is at risk because of the oil price spike,' said Panmure Liberum analyst Tom Price. Copper eases on growth concerns, firmer dollar 'We haven't got an end to the conflict, but they are already talking about one, so the market is sort of settling down and going back to trading as it would normally.' Elsewhere, concerns about copper availability in the LME system due to falling stocks, large holdings of warrants – title documents conferring ownership - and cash contracts has pushed up the premium for nearby contracts. Copper stocks in LME registered warehouses at 107,350 tons have dropped 60% since March and are at their lowest since May 2024. The backwardation or premium for the cash over the three-month copper contract was near $150 a ton, its highest since October 2022 compared with a discount at end-April. Traders are also watching a large holding of aluminium warrants and futures contracts nearing maturity, which has also created premiums for nearby contracts. Three-month aluminium was down 0.3% at $2,541, zinc slipped 0.1% to $2,635, lead rose 0.1% to $1,977, tin climbed 0.8% to $32,525 and nickel advanced 0.6% to $15,015.
