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Copper prices dipped on Wednesday, echoing the decline in zinc, fueled by a stronger dollar and worries over reduced demand from vital industrial sectors.
LME Copper Decline: Three-month copper on the London Metal Exchange (LME) eased 0.5% to $8,822 a ton, in line with zinc's downward trajectory, hitting its lowest level in over three weeks.
Factors Driving Decline: Zinc prices weakened due to decreasing demand from the steel sector and rising inventories in LME and SHFE warehouses. Capital constraints in Chinese construction projects also contributed to the negative sentiment.
Impact on Other Base Metals: The downward trend extended to other base metals:
Aluminum: Declined 0.5% to $2,291.50
Nickel: Edged down 0.2% at $16,605
Lead: Fell 0.3% to $2,013.50
Tin: Lost 0.2% to $27,400
SHFE Performance: On the Shanghai Futures Exchange (SHFE), base metals experienced declines:
Copper: 0.3% lower at 71,950 yuan a ton
Aluminum: Declined 0.9% to 19,370 yuan
Nickel: Dropped 2.4% to 129,440 yuan
Lead: Eased 0.3% to 16,140 yuan
Tin: Edged down 0.3% to 222,790 yuan
The strengthening U.S. dollar exacerbated the pressure on metal prices, making them costlier for holders of other currencies.
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