BENGALURU- Copper prices extended declines on Thursday to hit two-month lows, weighed down by a stronger US dollar and concerns about demand from top consumer China.
Three-month copper on the London Metal Exchange (LME) fell 0.5 percent to $9,004 per metric ton, hitting its lowest since early September.
The most-traded December copper contract on the Shanghai Futures Exchange (SHFE) declined 1.5 percent to 73,600 yuan ($10,169.96) a ton, its lowest since Sept. 12.
The US dollar advanced to one-year high, steered by Donald Trump’s victory in last week’s presidential election.
A stronger greenback makes dollar-priced metals more expensive for buyers holding other currencies.
“We see copper prices trading lower to $8,500-$9,000 per ton into year-end as likely US trade tariff hikes and weaker-than-expected China stimulus detail so far have weighed on our conviction in a global manufacturing recovery through 2025, with investor positioning length vulnerable to a further unwind,” analysts at Citi said in a note.
