Copper dips as oil rallies after Trump flags more Iran attacks
Copper prices declined on Thursday, breaking a five-session winning streak, as renewed economic growth concerns emerged. U.S. President Trump's unclear outline on ending the Iran war, coupled with a strengthening dollar and rising oil prices, cont...
By Reuters |
ETMarkets.com
Copper prices fell for the first time in five sessions on Thursday, weighed down by renewed concerns over economic growth after U.S. President Donald Trump failed to provide a clear outline on ending the Iran war.
The benchmark three-month copper on the London Metal Exchange fell 0.83% to $12,331.50 a metric ton as of 0146 GMT.
The most-active copper contract on the Shanghai Futures Exchange lost 0.36% to 91,190 yuan ($13,250.32) a ton.
Stocks fell, the dollar firmed, and oil rose after U.S. President Donald Trump said Washington's "core strategic objectives" in the Iran war were nearing completion but stopped short of providing a clear outline of when the conflict would end. The United States will carry out aggressive strikes on Iran over the next two to three weeks and is nearing completion of its main strategic objectives in the war, President Donald Trump said in a prime-time address to the nation on Wednesday. Analysts say copper prices have increasingly moved inversely to oil and in line with equities, and a weaker economic backdrop driven by inflationary fears and supply chain disruptions would dampen copper demand.
Elsewhere on the LME, aluminium nudged 0.48% lower, zinc fell 0.74%, lead lost 0.59%, nickel shed 0.55% and tin softened 2.6%.
Recent arrivals of imported copper at Chinese ports have weighed on spot discounts, adding to already high inventories and pressuring Chinese copper prices downward, a note from the Shanghai Metals Market said. Among other metals on the SHFE, aluminium ticked 0.16% higher, zinc edged up 0.72%, lead rose 0.72%, nickel nudged 0.9% lower and tin lost 2.2%.
Thursday, April 2
DATA/EVENTS
1230 US International Trade $ Feb
1230 US Initial Jobless Clm Mar 28, w/e
The benchmark three-month copper on the London Metal Exchange fell 0.83% to $12,331.50 a metric ton as of 0146 GMT.
The most-active copper contract on the Shanghai Futures Exchange lost 0.36% to 91,190 yuan ($13,250.32) a ton.
Stocks fell, the dollar firmed, and oil rose after U.S. President Donald Trump said Washington's "core strategic objectives" in the Iran war were nearing completion but stopped short of providing a clear outline of when the conflict would end. The United States will carry out aggressive strikes on Iran over the next two to three weeks and is nearing completion of its main strategic objectives in the war, President Donald Trump said in a prime-time address to the nation on Wednesday. Analysts say copper prices have increasingly moved inversely to oil and in line with equities, and a weaker economic backdrop driven by inflationary fears and supply chain disruptions would dampen copper demand.
Elsewhere on the LME, aluminium nudged 0.48% lower, zinc fell 0.74%, lead lost 0.59%, nickel shed 0.55% and tin softened 2.6%.
Recent arrivals of imported copper at Chinese ports have weighed on spot discounts, adding to already high inventories and pressuring Chinese copper prices downward, a note from the Shanghai Metals Market said. Among other metals on the SHFE, aluminium ticked 0.16% higher, zinc edged up 0.72%, lead rose 0.72%, nickel nudged 0.9% lower and tin lost 2.2%.
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Thursday, April 2
DATA/EVENTS
1230 US International Trade $ Feb
1230 US Initial Jobless Clm Mar 28, w/e
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($1 = 6.8821 yuan) (Reporting by Ruth Chai; Editing by Rashmi Aich)Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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