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Copper pulls back from record highs
Global industrial metal prices have decreased significantly, particularly copper, which fell by 0.8% to reach $14,650 per ton after a six-day rally. This decline comes amid expectations of tightening US monetary policy to combat inflation. Federal Reserve officials expressed concerns about ongoing inflation, with slowing oil prices and Middle East tensions increasing inflationary pressures, despite oil dropping following statements about a meeting with Iran. Additionally, nickel prices declined by 0.3% due to production disruptions in Indonesia. Markets are also heading toward increased monetary tightening and a rising dollar, which have negatively impacted the prices of other metals.
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