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Metals: Copper at its lowest level in two weeks

18/12/2024
Source : ORISHAS FINANCE
Categories: Raw materials

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Copper prices fell to their lowest level in two weeks on Tuesday. Sentiment is dominated by a stronger dollar and concerns about demand in China, the largest consumer, in part fuelled by uncertainty about US import tariffs

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Benchmark copper on the London Metal Exchange (LME) was down 0.9% to $8,978.5 per metric ton during trade at the official auction, after reaching $8,964 per ton earlier, after reaching $8,964 per ton earlier, its lowest level since December 3. China's already weak demand for copper is expected to come under additional pressure if US President-elect Donald Trump carries out his threat to impose punitive tariffs on imports, which could trigger a trade war and dampen growth

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Aluminum hit its lowest level in a month, at $2,526 per ton, as concerns about surpluses surfaced after data showed that production from China's top producer increased in November. The metal fell by 1.3% to $2,533 per ton as part of official activity. Zinc fell 0.4% to $3,044 per ton, lead remained stable at $2,000, tin fell 0.2% to $29,200, and nickel fell 0.7% to $15,600

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