Copper prices in the international market fell on Tuesday as the increasing tensions between Israel and Iran dampened the investor sentiment. LME -copper prices along with other metals traded lower are further under pressure by a stronger US dollar. On the London Metal Exchange (LME), the copper price was dropped 0.3% at $ 9,677 per metric tons. However, copper prices on the Shanghai Futures Exchange (SHFE) rose 0.2% to 78.470 yuan per metric tons. On the domestic front, copper prices traded higher on Multi Commodity Exchange (MCX). MCX copper figure rose 0.19% at £ 880.20 per kg, with a lower at £ 876.30 compared to the previous closure of £ 878.55. The escalation in the Israel-Iran war has driven away risk investors and weighed on industrial metals. Both countries have continued to exchange strikes for the fifth consecutive day, which US President Donald Trump asked to vacate Tehran’s evacuation, citing Iran’s refusal to accept a proposed nuclear deal. Meanwhile, the US dollar index has strengthened 0.3% against a basket with major currencies, making dollar-denominated commodities for non-American buyers more expensive. Despite geopolitical concerns, the better-than-expected retail sales data from China have provoked the hope of a recovery in metal question of the largest consumer in the world, providing some support to copper prices. “The recent rally in LME Copper has been powered by stronger than expected retail sales data from China, which has lifted the expectations of a demand revival. However, investment sentiment remains carefully due to geopolitical tension in the Middle East and has mixed economic signals from China,” says Jigar Trivedi, senior research analyst. In addition, LME buyer supply has dropped to a one-year low at 114.475 tonnes, indicating a tighter supply conditions. “This decline in stock indicates possible supply restrictions, which can support prices if demand continues to improve,” Trivedi added. On the prospects, Trivedi remains clumsy. “LME Copper could rise to $ 9,800 per metric tons, while MCX Copper could reach £ 970 per kg in the next month,” he said. Other metal prices Gold prices were largely steady after recent profits driven by safe quality demand amid geopolitical tension. International Bullion market rose Spot Gold Price by 0.3% to $ 3,392.29 per gram, while US gold futures dropped 0.2% to $ 3,410.90. 1,996.50 and the nickel price fell 0.4% to $ 15.005. TIN fell by 0.4% to 263,400 Yuan.
LME COPPER PRICE Today: London Copper Trades Lower as Israel-Iran conflict, strong dollar-weighing; MCX Copper Price is rising | Einsmark news
