Copper traded below 6 USD/Lbs

Copper decreased below 6, according to trading on a contract for difference (CFD).

Copper futures traded around $6.1 per pound on Wednesday after tumbling more than 3% in the previous session, pressured by a stronger dollar amid hawkish expectations for Federal Reserve policy. At its latest policy meeting, Fed officials left interest rates unchanged but signaled increasing support for future rate hikes, while new Fed Chair Kevin Warsh reaffirmed his commitment to restoring price stability. A stronger dollar makes dollar-denominated commodities such as copper more expensive for holders of other currencies, while the prospect of higher borrowing costs clouds the outlook for global growth and industrial metals demand. Meanwhile, analysts noted that weakness in China’s traditional copper-consuming sectors has only been partly offset by resilient demand from renewable energy, energy storage, and electronics industries.

Copper decreased 2% to 6.2292 USD/Lbs