Commodities
Copper Prices Slump on Strong Dollar and Global Economic Concerns
Copper prices fell on Thursday due to a stronger dollar and concerns about global economic growth. The benchmark three-month copper price on the London Metal Exchange was down 0.04% at $14,126.50 a metric ton by 1600 GMT.
Nitesh Shah, commodity strategist at WisdomTree, attributed the decline to tightness in the market, but also expressed uncertainty about global economic growth and demand due to ongoing conflicts in the Middle East.
The dollar index reached its highest level in nearly two weeks, making commodities priced in US currency more expensive for buyers using other currencies. The most-traded copper contract on the Shanghai Futures Exchange fell 0.7% to 107,410 yuan a ton as demand faltered in China.