Latest news with #LondonMetalExchange
Mint
a day 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
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.
Mint
2 days ago
- Business
- Mint
London metals inch up on dollar weakness, Middle East tensions cap gains
SINGAPORE, June 18 (Reuters) - London base metal prices inched up on Wednesday on a softer U.S. dollar, although tensions in the Middle East dampened global risk appetite and kept a lid on prices. Three-month copper on the London Metal Exchange was up 0.22% at $9,690.5 per metric ton by 0326 GMT. LME aluminium gained 0.18% to $2,555 a ton, zinc ticked up 0.49 to $2,651.5, lead strengthened 0.23% to $1,980.5 and nickel inched 0.27% higher to $14,965. Tin climbed 0.73% to $32,500. The dollar index was last a touch weaker, losing 0.13%. A weaker dollar makes dollar-denominated assets more affordable to holders of other currencies. "Base metals remained under pressure amid a broader risk off tone across markets," said ANZ analysts. Concerns over escalating hostilities in the Middle East stayed front and centre in markets on Wednesday, sending oil prices higher. Higher oil prices dampen economic growth and stoke inflationary pressures. Meanwhile, recent data showed the U.S. economy was slowing amid President Donald Trump's shifting tariff policies, with retail sales falling more than expected in May. The SHFE most-traded copper contract gained 0.14% to 78,640 yuan ($10,943.50) per metric ton. SHFE aluminium was up 1.45% at 20,700 yuan a ton, lead slipped 0.62% to 16,820 yuan, nickel fell 0.49% to 118,400 yuan, while zinc gained 0.87% to 22,065 yuan and tin inched up 0.08% to 264,480 yuan. For the top stories in metals and other news, click or ($1 = 7.1860 yuan) (Reporting by Michele Pek; Editing by Sonia Cheema)
Business Recorder
3 days ago
- Business
- Business Recorder
Copper eases on growth concerns, firmer dollar
Copper prices fell on Tuesday as escalating tensions in the Middle East increased worries about global growth and demand for industrial metals while the firmer dollar reinforced negative sentiment. Three-month copper on the London Metal Exchange was down 0.1% to $9,697 per metric ton, as of 1017 GMT. Global stocks slid while oil rose as fighting between Israel and Iran entered its fifth day, sowing fears of a broader regional conflict. Higher oil prices dampen economic growth and stoke inflationary pressures. 'Another war has broken out, unsettling investors, raising concerns about long-term global growth, and prompting a shift away from cyclical assets like base metals and move towards safe-haven assets,' said Panmure Liberum analyst Tom Price. The U.S. dollar index ticked up, making dollar-priced commodities more expensive for buyers holding other currencies. Meanwhile, Citi in a note said it expects copper prices to dip to $8,800 in the third quarter if the U.S. imposes tariffs on copper imports. Until then, U.S. copper imports may worsen supply tightness outside the United States, it said. Copper, other metals drop U.S. President Donald Trump in February ordered a probe into possible tariffs on copper imports to rebuild U.S. production. The probe has resulted in a price premium for COMEX copper futures against LME contracts, which traders and producers have capitalised on by diverting copper supplies from other markets to the United States. U.S. COMEX copper futures traded at a $4.806 lb, bringing the premium over LME copper to $898 a ton. LME aluminium was up 0.4% to $2,522 a ton, zinc fell 0.5% to $2,643.5, nickel shed 0.1% to $15,055 and tin edged down 0.6% to $32,385. Lead was down 1.2% at $1,983.5.
