Copper prices on the London Metal Exchange (LME) faced a 1.1% dip, commencing at $8388 per metric ton and closing at $8361 per metric ton in the latest session.
Market Reacts to Interest Rates and China’s Consumption Patterns
This pullback can be attributed, in part, to an inability to breach the 100-day moving average resistance level at $8,469, a crucial technical threshold that traders monitor for directional cues.
Additionally, the news reflects on the divergence in copper prices across various regions in China. And the consequent implications for inventories.
In light of these developments, stakeholders continue to monitor the shifting copper landscape. Seeking guidance from both market trends and key macroeconomic indicators.