en.Wedoany.com Reported - On Wednesday (June 10), London copper prices fell to a three-week low as military operations in the Middle East escalated, raising concerns about their impact on global economic growth. LME three-month copper dropped 0.7% to $13,521 per ton, hitting an intraday low of $13,395, the lowest since May 20.
Iran's Islamic Revolutionary Guard Corps (IRGC) claimed to have launched drone and missile attacks on U.S. military bases in Jordan, Kuwait, and Bahrain, in retaliation for U.S. strikes on Iranian targets near the Strait of Hormuz. The U.S. subsequently launched 49 "Tomahawk" missile strikes against Iran, while Iran briefly announced a complete closure of the Strait of Hormuz, banning all vessel passage until further notice, although the U.S. military command denied this claim.
SP Angel analyst John Meyer said the key factors in the current market are "mutual retaliation" and a stronger U.S. dollar. He noted: "Inflation expectations are heating up. China has been 'exporting' deflation for years, and now it is starting to 'export' some inflation." China's factory price inflation rose for the third consecutive month in May, hitting its highest level since 2022. Meanwhile, U.S. consumer inflation rose at the fastest pace in three years, in line with market expectations. These data give the Federal Reserve more reason to keep interest rates unchanged until 2027.
LME copper inventories fell by 3,075 tons to 369,975 tons, the lowest since April 1. All base metals on the LME declined. Aluminum fell 2% to $3,477 per ton, the lowest since April 30. Zinc fell 1.9% to $3,485 per ton. Nickel fell 1.7% to $17,750 per ton, the lowest since April 13. Three-month lead fell 1% to $1,963 per ton, hitting a one-month low. Tin fell 1% to $51,990 per ton.
In early trading on Thursday (June 11), LME three-month copper fell 0.6% to $13,435 per ton at 10:00 Moscow time, hitting an intraday low of $13,378. Shanghai copper fell 1.26% to 103,160 yuan ($15,222.75) per ton, touching an intraday low of 102,640 yuan, the lowest since May 8.
Brent crude oil rose 0.49%. LME aluminum rose 0.53%, and Shanghai aluminum rose 0.5%. Exchange data showed LME aluminum inventories at multi-year lows. U.S. data showed that May inflation exceeded the Fed's 2% target but was still better than investors' worst-case expectations. Analysts calculated a 51.6% probability of a Fed rate hike at the October meeting. LME three-month zinc fell 1.09%, lead rose 0.23%, nickel rose 0.35%, and tin rose 0.57%. Shanghai zinc fell 2.44%, lead rose 0.65%, nickel fell 1.04%, and tin rose 0.07%.
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