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| Commodity News |
| HeadLine : |
Copper falls as dollar rises, investors lock in profits after rally |
| Date : |
Mar 20 2024 |
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Copper prices fell in London on Tuesday as investors locked in profits from the metal’s recent rally and the dollar rose ahead of the U.S. Federal Reserve decision on rates.The U.S. currency index was trading near its highest level since the start of March, making dollar-priced metals more expensive for buyers using other currencies.Also weighing on sentiment was the demand outlook for copper, used in power and construction, in top consumer China.Copper hit $9,164.5, its 11-month high, in the previous session buoyed by China’s above-consensus industrial production data and fund buying. Its 7%-growth over the last month has seen it breaking above all its major technical moving averages.Among other base metals, tin and nickel took a hit after a supply disruption in major producer Indonesia showed signs of easing as the top tin miner there resumed exports.
Source: Reuters
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