LME Copper Price Today Dips 1% on Israel-Raran War Buzz, Us Tariff Concerns

Copper prices declined in the International Market as Escalating Geopolitical Tensions in the Middle East and Concerns Over Expeded Us Tariffs Damped Investor Sentimen and Trigered Risk-Off Behavor Account Risk-Off Behavior Account Global markets.

On the London Metal Exchange (LM), Copper Fell 0.9% to $ 9,611 per ton, register a 0.9% drop for the week. Similarly, copper on the Shanghai futures exchange (shfe) declined 0.9% to 78,010 yuan per ton, down 0.5% on a weekly Basis.

The Premium of US Comex Copper Futures Over Lme Copper Stood at $ 946 per ton, reuters reported.

On the domestic front, MCX copper futures was trading 0.39% lower at 871.45 per kg.

The drop in copper prices are followed israel’s aireriks on ran targeting its nuclear facilities, prompting swift retaliation from tehran through drone attacks. The escalation raised fears of a prolonged conflict in the region, heightening global economy uncertainty and weighting on Investor Confidence.

Adding to the bearish sentiment, Copper Pries Came Under Further Pressure after the Us Announced an expansion of important tarifs on a range of home appliances, which will incline compelude steel comps From June 23.

Other metal prices

Other base metals also witnessed mixed performance. LME Zinc Price Dropped 1.3% to $ 2,609.50 per ton, lme lead prices declined 0.2% to $ 1,993, While lme nickel price slipped 0.2% to $ 15,120, and tin edged down 0.2% tin $ 32,590.

In contrast, Shfe lead rose 0.3% to 16,945 yuan per ton. However, zinc fell 1.1% to 21,815 yuan, nickel declined 0.5% to 119,920 yuan, and tin dropped 0.4% to 263,690 yuan per ton.

LME Aluminum Price, which had Risen Since June 9, Eased 0.6% to $ 2,502.5 a ton. The Shfe Most-Traded Aluminum Contract Gained for the Third Straight Day, Up 0.5% at 20,440 Yuan per Metric Ton ($ 2,846.28), Reported.

Meanwhile, Gold Pries Rallied to Near Two-Month High on Increased Safe-Hen Demand Amid Heightened Geopolitical Tensions.

Spot Gold Price was up 1% at $ 3,417.59 an Once, after Hitting Its Highest Point Since April 22 Earlier in the Session. Bullion has gained more than 3.2% so far this week. Us gold futures gained 1% to $ 3,438.00. MCX Gold Rate Hit Record High, Surpassing The 1 Lakh-Mark.

(With inputs from reuters)

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