Copper slumped to its lowest level in more than three months on Tuesday as rising inventories highlighted healthy supplies. Concern about trade wars, higher US interest rates and a stronger dollar also weighed on industrial metals markets.
"The US has opened up and they're carrying on the negative sentiment," said Geordie Wilkes, head of research at Sucden Financial. Three-month LME copper closed 1.4 percent down at $6,755 a tonne, marking a fourth session of losses. It had dipped as low as $6,730, its weakest level since December 14.
LME benchmark zinc fell 1.8 percent to finish at $3,203 a tonne. LME zinc stocks have shot up by 60 percent this month, climbing by another 5,350 tonnes on Tuesday to 211,400 tonnes.
LME aluminium fell by 0.6 percent to close at $2,076 a tonne, with losses moderating after Japanese buyers agreed to pay producers premiums during the second quarter that are 25 percent higher than the previous quarter, reflecting rising spot premiums in the United States. Lead dropped 0.7 percent to close at $2,351 a tonne, nickel lost 0.2 percent to $13,450 and tin was down 0.5 percent at $20,675.
Comments
Comments are closed for this article.