Sharp rise in oil price causing drag on copper prices - analysts

Rising oil prices driven by shutdowns in Saudi Arabia have had a negative effect on outright copper prices, analysts told Fastmarkets on Tuesday September 17.

The London Metal Exchange three-month copper price is down by 2.1% at $5,826 per tonne compared with $5,954 per tonne at the start of the week, following a 9% jump in the Brent crude oil price in the same time frame. The Brent crude oil price was recently trading at $65.55 per barrel, having closed at $60.22 per barrel on Friday. Oil prices surged at the start of trading on Monday after drone and missile attacks on state-owned Saudi Aramco's Abqaiq oil processing facility led the company...

Published

Archie Hunter

September 17, 2019

16:09 GMT

London