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Copper prices drop on stronger dollar, logjam ease

By Fitri Wulandari


Stacks of copper pipes in a warehouse
Stacks of copper pipes in a warehouse - Photo: Shutterstock

Copper prices fell on Wednesday, pressured by stronger dollar and signs that logjam at ports in China eased.

Benchmark copper futures on the London Metal Exchange was down by 0.20% to $9,542.75/tonne. Copper spot price dropped by 0.37% to $4.33 per pound.

“Base metals fell as the stronger USD weighed on investor appetite. Copper saw some support amid signs that supply bottlenecks are easing,” ANZ Research said in a note on Wednesday.

Rising greenback

US dollar index inched up by 0.01%. The rising dollar makes the metal priced to the greenback more expensive for buyers holding other currencies.

Bloomberg reported on Tuesday citing data from IHS Markit that ships with capacity to carry about 370,000 tonnes of semi-processed concentrates from Chile and Peru are waiting to be unloaded.

Oil - Brent

75.85 Price
+0.020% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee -0.0045%
Overnight fee time 22:00 (UTC)
Spread 0.032


22.94 Price
-0.170% 1D Chg, %
Long position overnight fee -0.0204%
Short position overnight fee 0.0122%
Overnight fee time 22:00 (UTC)
Spread 0.020

Oil - Crude

71.27 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0204%
Short position overnight fee -0.0015%
Overnight fee time 22:00 (UTC)
Spread 0.030


1,993.60 Price
-0.550% 1D Chg, %
Long position overnight fee -0.0199%
Short position overnight fee 0.0117%
Overnight fee time 22:00 (UTC)
Spread 0.50

Shipments were down 13% in October, but still way above year-ago levels and represents 30-40% of all monthly deliveries to China from the top two mining nations, it added.

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Demand from China's property sector

Tradingeconomics reported that concern about demand from China’s property sector has also knocked the price of copper which is used in construction material, from its two weeks high.

New and resale home prices fell in October amid deeper contractions in construction starts and investment by developers, the economic-data provider reported.

Read more: Metals shine on inflation concerns, gold at 5-month highs

Markets in this article

3.80119 USD
-0.04087 -1.070%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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