Copper Prices Slip as Stronger Dollar and China Holiday Weigh on Sentiment
Copper prices slipped on Thursday due to a stronger dollar and risk reduction ahead of China's Mid-Autumn Festival. The benchmark three-month copper price on the London Metal Exchange was slightly weaker at $14,616.50 a metric ton by 1610 GMT.
The dollar held near a two-month high after a sharp rally, fueled by expectations of additional Federal Reserve interest rate hikes. This makes dollar-priced metals more expensive for buyers using other currencies and affects sentiment towards growth-dependent metals like copper.
China's stock markets saw their biggest one-day decline in a month on Thursday, with investors skeptical about a potential breakthrough from the meeting between US President Donald Trump and Chinese President Xi Jinping in Washington.