Strong Dollar Weighs on Copper Prices Amid Global Economic Concerns

Copper prices have declined on Tuesday, with benchmark three-month copper on the London Metal Exchange falling 0.18% to $14,247.50 a metric ton by 07:01 GMT.

The decline was largely due to a stronger US dollar and concerns over global economic growth, which outweighed fresh supply concerns triggered by large requests to withdraw copper inventories from LME warehouses.

According to Daniel Hynes, senior commodity strategist at ANZ, the sharp increase in cancelled warrants for copper stored in LME warehouses had sparked fresh concerns about supply shortages on Monday.

The US Dollar Index rose 0.13% on Tuesday, making dollar-denominated commodities more expensive for buyers using other currencies.