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Copper and other industrial metals fell during this session, following the cautious movement seen throughout the day and pressured by the strength of the dollar against its rivals. Yet few signs of progress on the debt ceiling impasse also explain the general cautiousness of the markets.
On Comex, the metals division of the New York Mercantile Exchange (Nymex), copper, scheduled for delivery in July, closed down 2.54% to $3.5615 a pound. At the London Metal Exchange (LME), a ton of metal over three months fell 2.25% around 2 p.m. (Brasília time), to 7,899 dollars.
With no resolutions in sight between Republicans and Democrats to set the debt ceiling, copper and other commodities have come under pressure, with US Treasury Secretary Janet Yellen again warning of “consequences very harmful” if the debt ceiling was not raised.
TD Securities continues to draw attention to a “continued deterioration in global demand for commodities”, which has also hurt copper this session. The Canadian bank also points to China’s slower-than-expected reopening performance, identified as “a failure in industrial demand for metals, with signs that the economic engine is already failing amid falling manufacturing activity. linked to low demand. ”.
Among the other metals traded on the LME under the same deadline, at the aforementioned time, the tonne of aluminum lost 0.36%, at US$2,212; lead fell 1.35% to $2,051; that of nickel was down 0.91%, at US$20,720; tin fell 0.72% to US$24,040; and zinc rose 2.36% to $2,298.50.
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