Metal Prices Slip Amid Dollar Strength

Oct 28, 2023

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0737 GMT – Metal prices are falling despite other commodities such as oil rising, as dollar strength and macroeconomic weakness continue to pressure indexes. Three-month copper is down 0.5% to $8,210 a metric ton while aluminum is 0.8% lower to $2,249 a ton. Gold is down 0.6% to $1,958.30 a troy ounce, while the ICE dollar index is up 0.3% to 104.27. Last week's strong jobs number raised the prospects of another rate hike from the Federal Reserve next week, ANZ Research says in a note. "With core services inflation ex-shelter still well above target, the FOMC needs to tighten further. It cannot take the risk that the lags in monetary policy may be weaker than expected and elevated inflation persists," it adds. ([email protected])

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