Copper extends losses on strong dollar, recession fears

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Copper prices appear headed for a third straight daily decline Wednesday, weighed by the strong dollar and the prospect of further interest rate hikes that slow the global economy as well as demand for metals.

According to Reuters, benchmark three-month copper (HG1:COM) on the London Metal Exchange recently was -0.9% to $7,356/metric ton after dropping 1.9% on Tuesday.

The most-traded November copper contract on the Shanghai Futures Exchange recently was -1.1% to 62,120 yuan/metric ton (~$8,600).

London aluminum (LMAHDS03:COM) -0.9% to $2,173/ton, as new data showed arrivals of 82,825 metric tons into LME-approved warehouses, bringing the surge in LME aluminum inventories this month to 70%.

ETFs: (NYSEARCA:COPX), (CPER), (JJC), (JJCTF), (JJU)

Potentially relevant tickers include (NYSE:FCX), (SCCO), (TECK), (HBM), (OTCPK:FQVLF), (BHP), (RIO), (VALE), (AA), (CENX)

Among other metals, nickel and lead were lower, but tin edged higher after Indonesian authorities said they are preparing for a potential ban on tin exports.

Iron ore prices are near their lowest in a year after China's President Xi Jinping reiterated his zero-tolerance policy for COVID-19 that has dented steel demand.