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REUTERS
May 17, 2018

Copper struggles

Business

REUTERS
May 17, 2018

Manila : London copper futures struggled to recover on Wednesday after a two-day slide as the U.S. dollar hovered near a five-month high versus a basket of major currencies following a surge in Treasury yields.

Three-month copper on the London Metal Exchange edged up 0.4 percent to $6,838 per tonne by 0730 GMT. Prices of base metals could stay trapped in narrow ranges, said INTL FCStone consultant Edward Meir, with the exception of nickel given falling stockpiles of the metal on the LME.

"A stronger dollar and trade uncertainties remain prevailing negatives, but given that all six metals are expected to be in deficit this year, we do see an element of underlying support for the group as a whole," Meir wrote in a report. Also weighing on risk appetite was news that North Korea cancelled high-level talks with Seoul, denouncing military exercises between South Korea and the US, breaking from several months of easing relations on the peninsula.

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