Copper retreats from 2-year peak

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    London copper dipped yesterday, retreating from an over two-year high hit in the previous session, as a stronger US dollar made metals less attractive to holders of other currencies.

    Three-month copper on the London Metal Exchange declined 1 percent to $6,621 a ton.

    The contract hit its highest since June 2018 at $6,707 a ton on Wednesday.

    The dollar rose after minutes from last month’s US Federal Reserve meeting gave few clues about whether an even more dovish shift in its policy framework is possible in the autumn, disappointing some dollar bears.

    LME metals are priced in the greenback.

    The most-traded September copper contract on the Shanghai Futures Exchange rose 0.4 percent to 52,170 yuan ($7,533.25) a ton, tracking overnight gains in London. – Reuters