Copper futures trade lower on Monday
Copper futures were trading lower on Monday after US President Donald Trump announced plans to blockade the Strait of Hormuz following the failure of US-Iran negotiations over the weekend in Islamabad, Pakistan, adding fresh uncertainty to metals markets. Rising inventories, with stockpiles in LME warehouses climbing to an eight-year high, signalling weaker demand conditions and put downward pressure on copper prices. Moreover, a stronger dollar and a surge in oil prices have fuelled inflation concerns that could delay Federal Reserve rate cuts this year.
Copper futures for May delivery fell $0.0735 or 1.25% at $5.8125 a pound on the Comex metals division of New York Mercantile Exchange.
