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Commodity Post Session News

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(11 Jun 2024, 17:14)

Copper Down Over 2% On Demand Concerns


Copper is extending decline to its lowest level in over a month amid concerns of low demand in the near term. LME Copper inventories climbed sharply yesterday to its highest level in three and a half months. The stockpiles soared 1525 tonnes to 125325 tonnes in the previous session, its highest level since end Feb this year. COMEX copper slumped over 2% on Tuesday to quote at $4.44 per pound. Sharp upside in dollar is also keeping the red metal under immense pressure. Traders reassessed US interest rate cut expectations after a firm jobs report and pulled Copper down. Meanwhile, European stocks were subdued on Tuesday as investor focus shifted to Wednesday's U.S. consumer price data and the Federal Reserve interest-rate decision. German DAX was marginally lower and the U.K.'s FTSE 100 ...

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