Metal Prices Slump As Global Demand Remains Weak
Metal Prices Slump As Global Demand Remains Weak . (MENAFN - Yolo Wire) Metal prices are ending November on a down note amid a strengthening U.S. dollar and with global demand remaining weak.  Data from the London Metal Exchange (LME) shows that ...
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(MENAFN- Yolo Wire) Metal prices are ending November on a down note amid a strengthening U.S. dollar and with global demand remaining weak.

Data from the London Metal Exchange (LME) shows that copper is finishing the month down 5.75%, while aluminum prices have slid 2.15% lower.

Analysts say a sharp rise in the U.S. dollar since Donald won the U.S. election on Nov. 5 and weak demand in China are exerting downward pressure on metal prices.

China’s decision to cancel export tax rebates from December provided short-term support for %Aluminum and placed a price floor under %Copper .

However, those positives have largely been overshadowed by president-elect Donald Trump’s proposed tariffs of as much as 25% on China, Mexico and Canada.

China and Canada are two of the world’s biggest metal extractors and exporters.

At the same time, the U.S. dollar has strengthened considerably since Trump’s election victory, which is also contributing to bearish sentiment towards base metals, say analysts.

Precious metals such as gold and silver have also pulled back in November as the greenback has strengthened.

For the month, the price of gold is down 4% and silver’s price has decreased 9%.
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https://menafn.com/1108940325/Metal-Prices-Slump-As-Global-Demand-Remains-Weak
2024-11-29
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(MENAFN - Yolo Wire) Metal prices are ending November on a down note amid a strengthening U.S. dollar and with global demand remaining weak.  Data from the London Metal Exchange (LME) shows that ...
Metal Prices Slump As Global Demand Remains Weak