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METALS-Copper hits near one-week low on stronger dollar, growth fears
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METALS-Copper hits near one-week low on stronger dollar, growth fears
Jun 19, 2025 2:26 AM

(Rewrites, adds analyst comments and updates prices)

By Ashitha Shivaprasad

June 19 (Reuters) - Copper prices touched a near

one-week low on Thursday and most other base metals also

slipped, dragged down by a strong dollar and mounting global

growth fears amid escalating tensions between Israel and Iran.

The LME's three-month copper was down 0.5% at $9,608

per metric ton, as of 0852 GMT, its lowest level since June 13.

"A stronger U.S. dollar on higher on geopolitical concerns

tends to weaken U.S. dollar-based prices. Long-only funds are

sitting on the sidelines due to elevated risk concerns," said SP

Angel analyst John Meyer.

The pullback also reflects reduced activity as U.S. traders

are away for the Juneteenth holiday on Thursday, he added.

The dollar firmed, buoyed by rising Middle East tensions and

as Federal Reserve Chair Jerome Powell's cautionary tone on

inflation, and oil prices jumped.

Israel struck a key Iranian nuclear site and Iranian

missiles hit an Israeli hospital, as U.S. President Donald Trump

kept the world guessing about whether the U.S. would join Israel

in air strikes seeking to destroy Tehran's nuclear facilities.

War, elevated oil prices and inflation tend to disrupt

supply chains, increase costs, and dampen investment-slowing

global growth.

LME copper inventories dropped by 4,025 tons

to 103,325 tons, data for Wednesday showed. This marked the

weakest level in more than a year.

In recent months, copper has been flowing to the United

States, where it attracts a premium due to expectations Trump

will impose tariffs on the metal.

LME aluminium fell 1.2% to $2,515.5.

Meanwhile, premiums for consumers buying aluminium on the

physical market in the United States fell more than 7%

on Wednesday as traders speculated that U.S. import tariffs on

shipments from Canada could be cut, metal industry sources said.

LME tin lost 0.4% to $32,240, zinc shed 0.4%

to $2,625.5, lead inched 0.2% lower to $1,988.5., while

nickel gained 0.6% at $15,140.

International Lead and Zinc Study Group on Wednesday said

the global zinc market surplus narrowed in April while lead

market swung to surplus.

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