Forex
Copper Prices Slump on Stronger US Dollar
Copper prices declined on both the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE), weighed down by a stronger US dollar. On September 24, LME copper opened at $14,697.5/mt, but eventually settled at $14,615.5/mt, down 1.13%. The SHFE's most-traded copper contract also fell to 110,770 yuan/mt, down 0.5%.
The decline in copper prices can be attributed to the strengthening US dollar, which followed a stronger-than-expected preliminary S&P Global manufacturing PMI for September. This development led to higher US Treasury yields and a rising US dollar, negatively impacting copper prices.