Commodities
Copper Holds Firm Near Record High as Oil Prices Surge
Copper prices held firm near record levels on Thursday despite rising oil prices and inflation concerns. The benchmark three-month copper price on the London Metal Exchange slipped 0.07% to $14,757 a metric ton after reaching a record high of $14,858.50 on Wednesday.
The Shanghai Futures Exchange saw the most-traded copper contract rise 0.49% to 111,660 yuan ($16,646.54) a ton. However, other base metals traded lower due to higher oil prices and inflation worries.
Oil has breached $100-a-barrel, adding to concerns about economic growth and demand for industrial metals. Tighter financial conditions could weigh on the economy, with large stockpiles concentrated in the US and readily available metal in other markets remaining tight.