Copper prices fell in the last session after the US Federal Reserve (Fed) confirmed its plan to tighten monetary policy earlier than initially expected, which will reduce liquidity in the market.
Copper futures for three-month delivery on the London Stock Exchange fell 1.3% to $9,334 per tonne.
The Fed’s move to a ‘hawkish’ stance was signaled at its June policy meeting, pushing the dollar higher since then and making the greenback-denominated asset more expensive for those in need. hold currencies
China raised expectations that it could ease monetary policy to support its economy, which Saxo Bank analyst Ole Hansen said was interpreted by the market as a sign of weakness. the world’s leading metal consumer.
Total inventories at London warehouses are at their highest level in more than a year at 212,575 tonnes.
The cash contract is at a discount of $33 a tonne from the three-month price, indicating ample supply.
Russia’s plans to impose tariffs on aluminum exports, widely used in shipping and packaging, have increased the cost of the spot market for consumers in Europe and the US.
On the London bourse, aluminum fell 2.4% to $2,439 a tonne, zinc fell 0.7% to $2,939, lead rose 0.3% to $2,297, tin fell 0.2% to $31,635 and the price of tin fell 0.2% to $31,635. nickel rose 0.2 percent to $18,355.
Futures trading price list of some metals on the Shanghai Exchange (Unit: CNY/ton).
| Type Name | Futures | 7/7 | Difference from yesterday |
| Steel Price | Delivered in October 2021 | 5,389 | -21 |
| Copper Price | Delivered in August 2021 | 68,850 | -170 |
| Zinc Price | Delivery in August 2021 | 22,300 | +170 |
| Nickel Price | Delivered August 2021 | 139,720 | +3,370 |
| Silver Price | Delivery December 2021 | 5,440 | -23 |
Source: VITIC/Reuters
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