Copper prices fell on Thursday, heading for a third straight session of decline in London, as a stronger dollar and expectations of further U.S. rate hikes weighed.
Three-month copper on the London Metal Exchange shed 0.5% to $8,277 per metric ton by 0425 GMT, while the most-traded August copper contract on the Shanghai Futures Exchange declined 0.2% to 67,760 yuan ($9,345.43) per metric ton.
The U.S. dollar index rose after the minutes of the Federal Reserve’s June policy meeting cemented market expectations for a rate hike this month.
Copper and other base metals fall on weak demand outlook
Chinese smelters lifted their third-quarter guidance for treatment charges of copper concentrate to $95 per metric ton, the highest level in nearly six years, as they expect abundant supply and flat demand growth in the sector in the coming months.
LME aluminium eased 0.1% to $2,140 per metric ton, while nickel rose 0.2% to $21,255, zinc increased 0.1% to $2,360, lead edged up 0.1% to $2,067, and tin jumped 1.5% to $28,055.
SHFE aluminium eased 0.3% to 17,860 yuan per metric ton, zinc fell 0.8% to 20,060 yuan, while lead rose 0.6% to 15,570 yuan, nickel jumped 4.4% to 165,150 yuan and tin rose 3.6% to 232,520 yuan.
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