Copper heads for weekly rise despite Mideast pullback
XLB•Other metals and market moves
Brent crude LCOc1 ticked above $100 a barrel for the first time since May after Yemen's Iran-aligned Houthis struck two Saudi oil tankers in the Red Sea.
The dollar ticked up, making commodities denominated in the currency more expensive for those using other currencies.
Non-yielding gold fell more than 2% after inflation fears from the conflict raised bets on higher interest rates, which can weigh on commodities by dampening economic growth.
Among other LME metals, aluminium CMAL3 lost 0.53%, zinc CMZN3 dipped 0.32%, lead CMPB3 lost 0.45%, nickel CMNI3 was little changed, up only 0.04%, and tin CMSN3 dipped 0.33%.
Elsewhere on SHFE, aluminium SAFcv1 lost 0.54%, zinc SZNcv1 lost 0.48%, lead SPBcv1 lost 1.01%, nickel SNIcv1 dipped 0.13% and tin SSNcv1 dropped 1.75%.
Middle East tensions weigh on demand outlook
Recent developments in the Middle East have weighed on the demand outlook and on copper prices, with elevated prices pulling some buyers out of the market.
The Yangshan copper premium , a gauge of interest in importing metal to the largest consumer China, came off a multi-year high in the previous session.
