Copper prices in downward slide

By NATION REPORTER
COPPER prices are on track for their lowest close in over four months as industrial metals decline, following the Federal Reserve’s reduced expectations for rate cuts next year.
While the Fed cut interest rates by 25 basis points, its latest forecasts suggest fewer cuts in 2025, signalling higher financing costs that could slow economic growth and weaken demand for commodities.
This is contained in the Access Bank daily market watch
“The strengthening dollar has further pressured industrial metals by making them more expensive for international buyers.
“Additionally, concerns persist over China’s struggling economy, with recent stimulus measures failing to boost market sentiment,” according to the update.
On the London Metal Exchange, copper dropped 0.9 percent to US$8, 951 per tonne, marking its lowest level since August 9.
Aluminium and zinc also declined by 0.4 percent and 0.5 percent, respectively.
In Singapore, iron ore prices fell 1.3 percent to US$101.40 per tonne, with similar declines seen in Dalian contracts and Shanghai steel futures.
In the foreign exchange markets, the United States dollar Index ramped up sharply post the FOMC decision late in the New York session.
The index cleared the 108.00 level with ease as the Fed indicated that the pace of monetary easing would slow