Copper Prices Fall from Record Highs Amid Middle East Tensions
Copper prices have retreated from record highs on Wednesday due to concerns about global growth and metals demand, which have been exacerbated by hostilities in the Middle East.
The three-month copper price on the London Metal Exchange slipped 0.5% to $14,641 a metric ton after reaching an all-time high of $14,779 on Tuesday.
Ewa Manthey, commodities strategist at ING, attributed the decline in copper prices to increased caution among investors about the macro outlook, particularly with oil prices rising above $100 a barrel.
This has raised concerns over inflation and global growth, which have contributed to copper's 17% gain so far this year. The price increase has been driven mainly by a flow of metal to the US on speculation about tariffs being imposed on refined copper there, creating shortages elsewhere.