Metals Complex Sees Strong Price Increases Amid Weaker Dollar

The metals complex has seen a strong performance in August, with prices rising due to a weaker dollar and receding rate hike expectations. The Bloomberg Industrial Metals Index has risen by 10.6% year-to-date and 2.4% month-to-date as of August 12.

Copper prices have breached a record high, reaching $14,370/t on the London Metal Exchange (LME) benchmark on August 6, and have averaged $13,251/t in the year-to-date. BMI expects copper prices to approach $13,500/t for the full-year.

Zinc prices have also seen gains, reaching a near four-year high of $3,803/t on August 6, due to tightening availability amid declining inventories.