Key insights
- Copper prices are pressured by a strong dollar and global economic slowdown fears. Geopolitical tensions in the Strait of Hormuz add to uncertainty. Lower copper prices can signal weakening global demand, potentially impacting US equities negatively, especially materials and industrials sectors. However, the impact is limited due to the Shanghai Futures Exchange holiday.
Investing.com -- London copper steadied on Tuesday after earlier falling to a three-week low, weighed down by a stronger dollar and concerns about a global economic slowdown.
Three-month copper on the London Metal Exchange was unchanged at $12,996 per metric ton by 0731 GMT, after reaching its lowest level since April 13 earlier in the session.
Trading activity remained subdued, with the Shanghai Futures Exchange closed for the Labour Day holiday. Trading is set to resume on Wednesday.
The U.S. and Iran launched new attacks in the Gulf on Monday as the two nations competed for control over the Strait of Hormuz with opposing maritime blockades.
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