Copper prices in London fell to their lowest in more than four months on Tuesday as a firm dollar made metals priced in the greenback more expensive to holders of other currencies.
Three-month copper on the London Metal Exchange shed as much as 0.6% to $8,005.50 per metric ton, the lowest since May 26, while lead hit a five-month low at $2,137.50 a ton.
The dollar held on to fresh highs after strong U.S. economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.
Copper inventories in LME-registered warehouses rose to 169,300 tons, the highest since May 2022. The most recent increase was in warehouses in the United States and Taiwan.
Resilient China demand, stocks propel aluminium to five-month peak
LME lead stockpiles were last at 78,325 tons, the highest since June 2021, with most inflows into warehouses in Taiwan and South Korea.
Data from the COMEX showed money managers were net short 21,220 copper contracts on Sept. 26, the biggest since May 30, as short positions shot up to 77,276 contracts, the highest since March 2020.
LME aluminium declined 0.3% to $2,313 by 0227 GMT, zinc dropped 1.2% to $2,570.50, while nickel rose 1.3% to $19,000 a ton and tin climbed 1.2% to $23,780.
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