Copper drops on post-election correction

Tuesday, November 29, 2016

The price of copper fell on Tuesday in London, on the back of a price correction post US-election rally.

Spot copper closed down 2.65% at US$5,778/t (US$2.621/lb) on the London Metal Exchange from Monday's US$5,935/t, according to Chile's state copper commission Cochilco.

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The Wall Street Journal Dollar Index, which measures the greenback against a basket of 16 currencies, was up 0.13% to 91.56 on Tuesday afternoon.

Analysts were expecting the price of base metals to correct following the rally experienced after the election of Donald Trump, as copper and other base metals saw multi-year highs in the aftermath of the election.

Aluminum closed 2.5% lower on Tuesday at US$1,722/t, while lead was down 0.3% to US$2,459/t and nickel fell 3.3% to US$11,300/t. Zinc was 1.4% lower at US$2,867/t, while tin was down 0.5% to US$21,250/t, and molybdenum steady at US$15,250/t.