Copper dips on US rate hike outlook
Copper prices slightly declined today, Tuesday, amid expectations of interest rate hikes in the United States, which could reduce demand for the metal. September copper futures on the London Metal Exchange fell by 0.5% to $13,664 per ton, while Shanghai copper futures decreased by 0.14% to around $15,500 per ton. Markets anticipate that U.S. interest rates will remain stable or be raised by at least 25 basis points, raising concerns about an economic slowdown and weakened demand for copper. Meanwhile, oil prices continue to decline as talks between Washington and Iran persist in efforts to de-escalate tensions in the Middle East. Aluminum inventories remain at their lowest levels since 1998, amidst a drop in the prices of other metals such as zinc and nickel.
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