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The Wall Street Journal reported that copper prices dipped again Wednesday on the back of lower oil prices.
The Wall Street Journal reported that copper prices dipped again Wednesday on the back of lower oil prices.
As quoted in the publication:
The London Metal Exchange’s three-month copper contract was down 0.2% at $4,720 a metric ton in midmorning European trade while other base metals were mixed.
“Base metals are trading sideways to lower, which we attribute to profit-taking after solid gains yesterday,” said Boris Mikanikrezai, an analyst at Fastmarkets. “The poor liquidity conditions stemming from the year-end holiday season may amplify the volatility in these markets.”
Slumping oil prices also hit the copper market on Wednesday. Brent, the global oil benchmark, fell 1.6% to $37.17 a barrel on concerns about the growing U.S. inventories. As copper and oil are often traded in a single basket, big moves in crude prices often affect copper.
Click here for the full press release.
Related reading:
A Brief Overview of the Copper Price Today
