

Base metals prices see uptick due to softer dollar

Prices of nonferrous metals saw an upward movement, largely influenced by a softer dollar. This rise, however, comes in the shadow of a monthly downturn, driven by weak demand from China, the world’s largest consumer of these metals. Three-month copper on the London Metal Exchange (LME) increased by 1.5% to $9,108 per metric ton as of 0623 GMT. Similarly, the most-traded copper contract on the Shanghai Futures Exchange rose. This increase was supported by the dollar index trading lower, making dollar-priced metals cheaper for holders of other currencies. Read more for the latest updates about the base metals market.

latest updates about the base metals market

Disclaimer:

The physical demand for these metals needs to materialise to establish a floor price. Market analysts suggest that a swift price rebound could occur once Chinese buyers are willing to purchase – which indicates potential volatility in the market. Risk management is advised for day traders.

Publication date:

2024-08-05 08:31:55 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.