Strong Dollar Suppresses Non-Ferrous Metal Prices
On June 25, affected by the US dollar index reaching a new high since 2025, copper prices came under pressure and corrected. SMM electrolytic copper average price quoted at 103,160 yuan/ton, down 1,010 yuan daily. The Federal Reserve released hawkish signals, heating up rate hike expectations; a strong dollar suppressed non-ferrous metal prices. Ore processing fees continued to fall, smelter profits contracted, and downstream buyers restocked lightly at low prices. Inventory showed internal-external divergence: LME inventory was 341,900 tons, down 3,000 tons; domestic social inventory was 208,100 tons, up 4,000 tons.
Copper Prices Short-Term Volatile and Weak
Short-term copper prices are volatile and weak, with obvious resistance above 103,000-104,000 yuan, but medium-to-long term supply-demand fundamentals support the bottom. Other base metals were also affected by the strong dollar; aluminum, zinc, nickel, etc., all saw varying degrees of decline, with market sentiment remaining cautious.