Copper hits lowest in a week amid Middle East tensions
Business
Copper just hit its lowest point in a week, thanks to rising tensions in the Middle East.
After US strikes targeting an Iranian drone operation in the Strait of Hormuz, oil and US dollar prices shot up, making people worry about inflation and a global slowdown.
That ripple effect is hitting metal markets hard.
LME copper falls to $13,514.50
On Thursday, copper dropped to $13,514.50 per ton on the London Metal Exchange, its lowest since May 21.
In Shanghai, prices fell even more, down 1.1% to levels not seen since May 20.
Aluminum and nickel also slipped between 0.1% and 1.1%.
Tai Wong says metals might keep moving sideways if energy costs stay high and uncertainty continues in the region.