Stronger US dollar pushes copper lower

Wednesday, November 30, 2016

The price of copper dropped further on Wednesday in London on the back of a stronger US dollar.

Spot copper closed down 0.66% at US$5,740/t (US$2.604/lb) on the London Metal Exchange from Tuesday's US$5,778/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 0.69% to 91.98 on Wednesday afternoon.

Copper closed November up 15.0% on average from October, triggered by the election of Donald Trump, who has promised a major infrastructure program, as well as improvements in market fundamentals driven by stronger-than-expected economic data out of China.

Aluminum closed flat on Wednesday at US$1,722.50/t, while lead was down 5.2% to US$2,330/t and nickel fell 3.0% to US$10,965/t. Zinc was 5.5% lower at US$2,709/t, while tin was up 0.5% to US$21,350/t, and molybdenum steady at US$15,250/t.