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(Bloomberg) — Copper extended its retreat from a record-high close as accelerating US inflation reduced the chance of rate cuts and a stronger dollar make the metal more expensive for many buyers.
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The industrial metal is down around 3% from the close of Wednesday. That followed an eight day run of gains that had been driven by mine disruptions and a rally in technology stocks, that had fueled optimism that the artificial intelligence boom would spur demand for copper, which is used in wiring and renewable energy.
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A Bloomberg gauge of the dollar jumped 1% this week, while wholesale and consumer inflation readings in the US surged to multiyear highs. The continued effective closure of the Strait of Hormuz is pushing up energy prices, resulting in more hawkish monetary policy around the world.
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Metals fell due to the stronger dollar and higher US Treasury yields pointing to fading expectations for rate cuts, said Gao Yin, an analyst at Shuohe Asset Management Co. Copper may fluctuate this quarter without any notable tightening in supply and demand balances, she said.
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In China, the world’s biggest metals consumer, copper prices that are near record highs have started to deter demand, with fabricators seeing orders weaken this month.
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Copper fell 1.2% to $13,765 a ton on the London Metal Exchange as of 10:47 a.m. in Shanghai, paring its gain this week to about 1.5%. Zinc declined 0.8% to $3,556.50, after spiking to the biggest since 2022 on Thursday as a major smelter in Peru suspended operations due to a fire.
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