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Copper price decline signals uncertain outlook for 2024
A strengthening dollar, increased warehouse inventories, and uncertainty around China’s economic growth trajectory led to a decline in copper metal prices on the London Metal Exchange (LME) in Monday’s session. The red metal was down 1.5% for the day to $8,484 a metric tonne, falling below the psychologically important $8,500 mark. The reversal comes shortly after copper climbed to a 4-month high and registered a 4.4% growth in price during November 2023, marking the first positive month since July. The bullish trend was powered by stimulus measures by the Chinese government and expectations of the Fed reducing ... (full story)