Copper's price fell to its lowest level since June 21 during trading on Wednesday August 18, pushing all metals on the London Metal Exchange to a decline and causing some to drop below their support levels, while backwardations spread across the complex on cash-to-three month spreads.
Risk-off sentiment prevailed on the LME during trading, in part due to a United States dollar index of 93.26 on Wednesday afternoon, its highest reading in two weeks, ahead of the release of the minutes from the US Federal Reserve's latest meetings later on Wednesday.Copper's three-month price intraday bottom of $9,022.50 per tonne broke below the support level of $9,131 per tonne (the lowest price in July), with selling taking over - over 27,200 lots of copper had been traded by 5pm, the most...