Copper falls as dollar rebound weighs on industrial metals
CPER•Copper fell 0.53% to $14,338 a metric ton as a rebound in the U.S. dollar weighed on industrial metals. Higher oil prices and concerns about interest rates also pressured copper.
1. Copper prices retreat
Benchmark three-month copper on the London Metal Exchange was down 0.53% at $14,338 a metric ton by 0700 GMT on Wednesday. The dollar index rose 0.16% to 102.07 after recouping earlier losses, making industrial metals more expensive for buyers using other currencies.
2. Other market pressures
Higher oil prices, rising inflation concerns and the possibility of interest-rate hikes also weighed on copper. Asian stocks softened, led by declines in AI-related shares, paring gains from a rally earlier in the week that had supported copper. Meanwhile, workers at Chile's Centinela copper mine were set to strike after talks between two unions and Antofagasta Minerals broke down.
