Copper Hits Three-Month Low as Aluminum Premium Sets Record
Copper fell to a three-month low as weak industrial demand weighed, while tight aluminum inventories pushed its spot premium to a 36-year high.
Key takeaways
- Three-month copper fell 1.2% to $13,645 a ton on the LME.
- The LME aluminum spot premium over three-month contracts topped $175 a ton, a 36-year high.
Copper fell to a three-month low on the London Metal Exchange as concerns about industrial demand and selling in technology shares weighed on prices. At 3 p.m. Istanbul time, the three-month contract was down 1.2% at $13,645 a ton.
The session low of $13,629 was the weakest level since July 29, according to Ekonomim. Expectations that the U.S. Federal Reserve may keep raising interest rates also pressured industrial metals after U.S. inflation exceeded expectations.
Aluminum moved in the opposite direction in the physical market. The LME spot premium over the three-month contract topped $175 a ton, reaching its highest level in 36 years amid low inventories.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
