BEIJING- Prices of most industrial metals in London slid on Wednesday, weighed down by a strong US dollar and renewed global economic concerns.
Three-month copper on the London Metal Exchange was down 0.6 percent to $8,433.50 per metric ton, while the most-traded October copper contract on the Shanghai Futures Exchange gained 0.4 percent to 69,490 yuan ($9,492.39) per ton.
The dollar index was steadier on Wednesday at a near six-month peak. A stronger dollar makes it more expensive to buy the greenback-priced commodity for non-dollar holders.
Orders for US factory goods declined in July, nearly reversing the prior month’s rise and ending a four-month streak of gains, the Commerce Department reported on Tuesday.
Comments by Federal Reserve Governor raised fears of more interest rate hikes in the US which could hamper economic activities and darken metals demand.
Meanwhile, data released by China and Europe lately reinforced slowing economic activities and fanned fears over an economic recession.
In China, the world’s top metals consumer, services activity expanded at the slowest pace in eight months in August, according to a private-sector survey on Tuesday. – Reuters
