London base metals dip on weakened sentiment amid inflation woes
Base metal prices in London slid on Wednesday, as a two-year-high inflation rate in China dented market sentiment, while investors braced for further aggressive U.S. interest rate hikes ahead of a widely anticipated inflation data. Three-month copper on the London Metal Exchange CMCU3 lost 0.9% to $7,909.50 a tonne by 0615 GMT. Consumer price index (CPI) in China, the world’s top metals consumer, last month rose 2.7% year-on-year, the fastest pace since July 2020 and higher than the 2.5% gain in June, but lower than the 2.9% expected by economists. ...
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