Copper prices dropped for the third consecutive day as stronger-than-anticipated US inflation data triggered a selloff across base metals. The latest consumer price figures, released on Wednesday, indicated inflation rising at its fastest pace in five months, fueling speculation that the Federal Reserve may pursue more aggressive monetary tightening.
This risk-off sentiment spread across financial markets, with technology stocks particularly hard hit. On the London Metal Exchange, copper prices fell 1.1% to $14,338 a ton by 12:11 p.m. Shanghai time, marking another decline in its three-day losing streak.