Copper's rally stalls as worries about global economy resurface

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Copper fell to the lowest in more than a week, dropping with other metals, as resurgent oil prices fanned concerns about prospects for the world economy.(Aug 2): Copper fell to the lowest in more than...

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Crude oil traded near the highest close in five weeks as fighting between the US and Iran over control of the Strait of Hormuz intensified, renewing the threat to energy exports from the Middle East.\nIndustrial metals posted notable gains in August, with copper gaining almost 4%, supported by tight supplies. Still, a hawkish speech by Federal Reserve Chair Kevin Warsh last Friday, coupled with fresh violence between the US and Iran, has fuelled bets that the Fed will need to hike interest rates to fight inflation. That could slow economic growth, crimping industrial commodity demand.\n\"Higher oil prices are strengthening inflation expectations and copper prices are under pressure,\" Guangzhou Futures Co wrote in a note. \"Overall fundamentals remain strong but macro uncertainty will continue to contain any upside.\"\nShort-term availability of copper on the LME remained tight this week, with spot prices trading more than US$100 above the benchmark contract for delivery in three months. \nThat's lower than the ultra-wide spreads seen in recent weeks but still an unusually high premium for spot metal - indicating that the LME market hasn't yet fully recovered from a huge outflow of metal to the US, sent in anticipation of possible import tariffs.\nThe spreads show that near-term supplies \"remain tight but the reduced backwardation and weaker macro environment suggest prompt pressure is providing less support to the outright price,\" analysts at Sucden Financial Ltd wrote in a note.\nCopper was 1.1% lower at US$14,115.50 a tonne by 11.40am on the LME. Zinc - which closed at a four-year high on Tuesday - dropped 2% to US$3,846.50 a tonne. Nickel, aluminium, tin and lead also fell.\nUploaded by Arion Yeow","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}