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LME Copper Prices Decline Amid Strong Dollar and Rising Chinese Inventories

22 May 2024 8:32 am
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Mumbai, 22 May (Commoditiescontrol): Copper prices on the London Metal Exchange (LME) fell on Wednesday due to a stable U.S. dollar, weakening demand, and increased inventories in China, the largest consumer of the metal. Three-month copper on the LME had dropped 0.5% to $10,802.50 per metric ton, following a surge to a record high on Monday.

Similarly, the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) decreased by 0.8%, reaching 86,500 yuan ($11,949.66) per ton.

The U.S. dollar remained steady against a basket of currencies as the market heeded calls for patience from Federal Reserve officials and anticipated the release of Fed minutes for further insight into the central bank's interest rate policies. A stronger dollar makes dollar-priced commodities like copper more expensive for buyers using other currencies.

Contributing to copper's decline was a reduction in physical demand in China after prices hit record highs, along with increasing inventories. Last Friday, copper warehouse stocks on the SHFE were reported at 291,020 tons, more than quadrupling since early February.

In other metals traded on the LME, aluminium edged down 0.1% to $2,723.50 per ton, nickel fell 0.4% to $21,210, zinc was nearly unchanged at $3,138.50, tin slipped 0.3% to $33,225, while lead rose 0.5% to $2,348.

On the SHFE, aluminium increased by 0.7% to 21,285 yuan per ton, zinc climbed 0.6% to 24,830 yuan, tin rose 0.5% to 279,000 yuan, while lead declined 1.6% to 18,590 yuan, and nickel remained flat at 157,820 yuan.

(By Commoditiescontrol Bureau: 09820130172)

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