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.
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Related reading:
A Brief Overview of the Copper Price Today
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