Key Moments
- Three-month LME copper was flat at $12,996 per metric ton by 0731 GMT after earlier hitting its lowest level since April 13.
- Prices were pressured by a stronger U.S. dollar and worries about a potential global economic slowdown.
- Trading volumes were muted with the Shanghai Futures Exchange shut for the Labour Day holiday, with trading scheduled to resume on Wednesday.
London Copper Stabilizes After Early Decline
London copper prices were steady on Tuesday after an earlier drop to a three-week low, as the market contended with a firmer dollar and mounting concerns over a slowdown in the global economy.
Three-month copper on the London Metal Exchange held unchanged at $12,996 per metric ton at 0731 GMT. Earlier in the session, the contract had fallen to its weakest level since April 13.
Thin Volumes Amid Shanghai Holiday Closure
Activity in the copper market remained subdued, with the Shanghai Futures Exchange closed for the Labour Day holiday. Trading on the exchange is scheduled to resume on Wednesday, limiting participation from a key market during the session.
| Contract | Exchange | Price | Time (GMT) | Recent Low Reference |
|---|---|---|---|---|
| Three-month copper | London Metal Exchange | $12,996 per metric ton | 0731 | Lowest level since April 13 (earlier in session) |
Geopolitical Tensions in the Gulf
The broader backdrop for commodities included rising geopolitical tensions. The U.S. and Iran launched new attacks in the Gulf on Monday as both countries sought to assert control over the Strait of Hormuz through opposing maritime blockades.
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