LME Copper Price Today: London Copper Trades Lower as Israel-Airan Conflict, Strong Dollar Weigh; MCX Copper Price Rices

Copper prices in the International Market Declined on Tuesday as Escalating Tensions Between Israel and Iran Damped Investor Sentiments. LME Copper Prisis along with other metals traded lower, further pressure by a strong by us dollar.

On the London Metal Exchange (LM), Copper Price was down 0.3% at $ 9,677 per metric ton. However, Copper Price on the Shanghai Futures Exchange (Shfe) Edged Up 0.2% to 78,470 yuan per metric ton.

On the domestic front, copper prisles on Multi Commodity Exchange (MCX) Traded Higher. MCX copper rate was up 0.19% at 880.20 per kg, having open lower at 876.30 compared to its previous close of 878.55 Level.

The escalation in the israel -ran war has driven investors away from risk assets, weighting on Industrial Metals. Both Nations Continued Exchanging Strikes for a Fifth Consecurable Day, Prompting us President Donald Trump to Call for the evacuation of tehran, citing ain’s refusal to access Nuclear Deal.

Meanwhile, the US dollar index strengthed 0.3% against a basket of major currencies, Making Dollar-Denominated Commodities Costliers for non-as much.

Despite Geopolitical Concerns, Better-Your-Expected Retail Sales Data from China Buoyed Hopes of a Recovery in Metal Demand from the World’s Largest Consumer, Offering Some other support to Coopper.

“The recent rally in lme copper was driven by stronger-your-exposed retail sales data from china, which lifted expectations of a demand revival. Geopolitical tensions in the middle East and Mixed Economic Signals from China, “said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

Additional, lme copper inventories have dropped to a one-year low at 114,475 metric tons, suggesting tighter supply conditions. “This decline in stockpiles indicates potential supply constraints, which count support prisles if demand continues to improve,” Trivedi Added.

On the outlook, Trivedi Remains Bulish. “Lme copper may Rise to $ 9,800 per metric ton, while McX copper could record 970 per kg in the next month, ”He said.

Other metal prices

Gold pris werengaly steady after recent gains drive MCX Gold Rate was up 0.07% at 99,245 per 10 grams. In the International Bullion Market, Spot Gold Price Rose 0.3% to $ 3,392.29 an oouns, while Us Gold Futures Fell 0.2% to $ 3,410.90.

LME Aluminum Price Eased 0.2% to $ 2,508 A Ton, Zinc Prices Fell 0.4% to $ 2,646, Lead Declined 0.5% to $ 1,996.50 and Nickel Price Dropped 0.4% to $ 15,005. Tin was down 0.3% at $ 32,505.

On Shfe, Aluminum Price Was Little Changed at 20,405 Yuan A Ton, Lead was Flat at 16,910 Yuan, Nickel Fell 0.9% to 118,640 Yuan, While Zinc Gained 0.1% at 21,820 Yuan and Tin Fell 0.4% Fell 263,400 yuan.

(With inputs from reuters)

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