News Commodity Market News

Copper prices ease after closing higher on Tuesday

28 March 2018

LME Copper prices trade modestly lower near $6625 on Wednesday after the metal ended 0.7% higher yesterday.

Putting pressure on the prices is weakness across global equity market. Asian equity markets trade with weaker bias today tracking steep decline in US equity market yesterday. In US, Dow Jones Industrial Average closed more than 300 points or 1.4% lower while S&P ended 1.7% lower.

Also putting pressure on the prices is jump in stocks at LME warehouses. Copper stocks at LME rose 31225 tonnes yesterday following 35,000 buildup on Monday and at 383,975 tonnes are at highest level since 2013.

However capping the downside is choppiness in US Dollar along with hopes that trade tensions between US and China may ease.

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