.jpg)
21 hours ago
1
Copper fell below $9,000 a ton for the first time in two months as the dollar extended gains made in the wake of the US election.
Author of the article:
Bloomberg News
Eddie Spence
Published Nov 14, 2024 • 1 minute read
(Bloomberg) — Copper fell below $9,000 a ton for the first time in two months as the dollar extended gains made in the wake of the US election.
Futures on the London Metal Exchange have dropped about 7% since Thursday’s close. The election of Donald Trump to the US presidency has spurred gains in the greenback as traders bet on tighter-for-longer Federal Reserve policy.
Advertisement 2
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Trump has promised to raise tariffs and cut taxes, both of which may add to the inflationary pressure in the economy. The risks were underlined on Wednesday when an index of US consumer prices showed its first acceleration on an annualized basis since March.
“The reality is we’re likely finding a new range given a repricing in the dollar,” Nicholas Snowdon, head of metals research at Mercuria Energy Trading SA, said at CRU Group’s World Copper Conference in Shanghai. “But the structural story is not dead. It is still very much alive and we do see that starting to prevail more through the mid to second half of next year.”
Copper has retreated since hitting a record high in May amid concerns about demand recovery in China, the world’s top metals consumer. Enthusiasm about Beijing’s pro-growth pivot has cooled as investors look for clearer signs that the government will roll out more policies — such as infrastructure investment — that will boost commodities demand.
Traders are watching the impact of China’s latest economic stimulus measures. Industrial output and retail sales in the world’s top metals consumer are expected to have grown at a faster pace in October than September, according to economists surveyed by Bloomberg. Those data are due Friday.
Copper declined 1.5% on the LME to $8,911.50 a ton at 7:30 a.m. in London. Most other metals were lower, with zinc down 2.7% and aluminum 0.9% lower.
Iron ore futures fell 1.8% to $98.75 a ton in Singapore. Contracts in Dalian also dropped, along with steel futures in Shanghai.
—With assistance from Katharine Gemmell and Andrew Janes.
Article content
English (US)