A spike in the US Dollar Index in the afternoon of Tuesday August 17 brought down the prices for all base metals except tin and lead by the 5pm close of trading on the London Metal Exchange, with copper and nickel down respectively by 2% and 1.6%.
The dollar index hit an intraday high of 93.14 on Tuesday, the highest since Thursday last week, when it reached 93.19."We've had two days of macro uncertainty, of extended and current Covid-19 lockdowns unfolding in New Zealand and Japan, for example, so you have an element of investors buying into the dollar as a safe haven," Fastmarkets analyst Andy Farida said, also making note of the imminent release of the minutes from the US Federal Reserve bank's latest meeting, due out...