Copper Prices Fall From Record Highs Amid Dollar Strength
Copper prices retreated from record highs on Thursday after strengthening dollar made greenback-priced commodities like copper more expensive for overseas buyers.
The metal had reached a high of $6.70 per pound, but fell below that level as the dollar gained strength following robust US economic data that reinforced expectations for further Federal Reserve rate hikes.
According to Sprott Asset Management, global mined copper production could decline this year for the first time since 2017 due to persistent supply risks.
Disruptions at major mines in Indonesia and the Democratic Republic of Congo have reduced expected annual output by an estimated 600,000 tons, while mining operations were suspended at BHP Group's Escondida mine in Chile after a worker's death.