LME copper plunges significantly since 2022 due to the rise of the dollar following Trump's victory.

November 7, 2024 7:25 JST
On the 6th, copper prices on the London Metal Exchange (LME) plummeted. The re-election of former US President Trump at the White House led to a rise in the dollar, putting pressure on commodity prices. Traders tried to assess the impact of Trump's views on trade, geopolitics, and the US economy.
Copper saw a significant drop since July 2022 on a closing basis. The impact of Trump's victory in the US presidential election spread to global markets, and the dollar recorded its highest increase rate in 20 years.

LME copper prices temporarily fell by 4.5%, following the sharp decline in the Chinese yuan. Traders are cautious about the possibility of demand being impacted if Trump implements his promised actions and the US-China trade war escalates, in addition to the immediate effects of the yuan depreciation. LME copper prices closed at $9,343 per ton, down 4.1% from the previous day, with all metals except lead and nickel experiencing declines.