Base metals prices on the London Metal Exchange plunged at the 5pm ring close on Wednesday February 7 amid a strong recovery in the dollar leading to copper prices plummeting 2.4%.
The three-month copper price declined $196 to close below $7,000 per tonne, hitting a new 2018 low and the lowest since December 19, 2017. "The open of the Chinese night session and Comex saw renewed pressure across the board with copper falling again and taking out stops at $7,025 per tonne and $7,000 to an eventual low of $6,881 per tonne as the US dollar strengthened," Sucden Financial said in a research note. "Turnover was high as traders exited positions and conditions were volatile. 5pm closes were all lower with...