Copper Prices Retreat as the Dollar Surges and Energy Costs Rise
The price of copper declined as the week drew to a close amid rising crude oil prices and a strengthening dollar. These two headwinds exerted downward pressure on most industrial metals. On Thursday alone, LME copper lost 1% to sell at about $14,270 per ton. Comex futures shed 0.6% to reach $6.57 per pound. These declines come at a time when crude oil prices have climbed yet again and the greenback has rallied. Such an environment weighs on metals because manufacturing costs go up and trigger a drop in industrial production. A large number of base metals have seen their…