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Copper dips on rate hike expectations
Copper prices have slightly declined today, Tuesday, due to ongoing expectations of interest rate hikes in the United States, which are affecting demand for the metal. The London Futures Contract for copper fell by 0.5% to reach $13,664 per ton, while prices in the Shanghai Exchange dropped by 0.14% to approximately $15,500 per ton. Markets are awaiting the results of the U.S. Federal Reserve meeting to assess how the interest rate increases will impact demand, amid concerns that rising rates could weaken economic activity and reduce demand for copper, despite its benefits for electrical energy and electric vehicles. Additionally, aluminum inventories have reached their lowest levels since 1998, while prices of other metals like zinc and copper have also declined.
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