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LME copper, aluminum fall on renewed demand worries
- China Aluminium Network
- Post Time: 2022/12/16
- Click Amount: 558
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【Aluminum Road Network】
Foreign news on December 14, London Metal Exchange (LME) copper, aluminum and other base metal prices fell on Wednesday, due to renewed concerns about demand.
As of 21:27 Beijing time, the LME three-month copper contract fell 0.32% to $8,469.50 a ton. The contract hit its highest level since June 23 on Tuesday.
"We're seeing a divergence between market sentiment and actual fundamentals," said Geordie Wilkes, head of research at Sucden Financial.
Soni Kumari, commodity strategist at ANZ Research, said lower copper premiums meant weaker demand.
Yangshan copper premiums have slipped to $55.50 a tonne, the lowest since June, from $152.50 in October.
Investor sentiment was tense ahead of the Fed's interest rate decision, and the market expects the Fed to slow down the pace of rate hikes.
"There are still clouds hanging over the market. It remains to be seen whether the market has fully priced in tighter monetary policy and whether there is a prospect of stagflation," Wilkes said.
A weaker U.S. dollar curbed futures price declines. The U.S. dollar weakened on Wednesday after slipping overnight on weaker-than-expected inflation data that fueled bets that the Federal Reserve will slow down its path of rate hikes.
In other base metals, three-month aluminum on the LME fell 0.87% to $2,439.50 a tonne; three-month zinc fell 1.82% to $3,000 a tonne. Source:
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