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Markets

Copper drops from decade high on stronger dollar, lower premium

  • A rebounding US dollar also made greenback-priced metals more expensive and less appealing to holders of other currencies.
28 Apr 2021

HANOI: Copper futures fell on Wednesday on a stronger dollar and signs of weaker demand in top consumer China at a time when prices were edging close to a record high in London.

Three-month copper on the London Metal Exchange fell 1.2% to $9,735.50 a tonne by 0603 GMT, retreating from a decade high of $9,965 a tonne hit on Tuesday.

The contract's record high level is at $10,190 a tonne.

The most-traded June copper contract on the Shanghai Futures Exchange fell 1% to 71,200 yuan ($10,978.00) a tonne.

Yangshan copper premium fell to $45.50 a tonne, it lowest since April 2017, indicating subdued demand for imported metal into China.

A rebounding US dollar also made greenback-priced metals more expensive and less appealing to holders of other currencies.

"I don't see strong demand. The US dollar will be stronger again and Indian COVID-19 (situation) seems to be deteriorating which will have negative impact on global trade and global recovery," said a China-based copper producer, referring to a record surge in cases in the world's second biggest population.

Meanwhile in top copper producer Chile, threats of strike were reverted after the country allowed another drawdown in pension, pleasing workers.

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