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Commodities

Copper Prices Slump as Rate Hike Bets Intensify

Guavy AI Editorial Team
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Copper
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Copper prices took a hit on Monday as traders bet on the Federal Reserve hiking interest rates following hotter-than-expected US inflation data.

Futures on the London Metal Exchange fell by as much as 0.6%, marking their first weekly decline since June.

The strengthening dollar and broader pressure on risk assets also weighed on other major metal contracts, with zinc down 0.7% and aluminum flat.

Copper's premium paid for spot copper over 3-month futures narrowed to $4.50 a ton, indicating easing supply tightness.

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