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Macro

LME copper closes down $239 at $14,001/tonne; most base metals fall

London Metal Exchange copper closed down $239 at $14,001 a tonne, with the rest of the base metals complex also lower. Aluminium fell $8 to $3,244, zinc dropped $88 to $3,794 and lead slipped $10 to $1,882. Nickel lost $135 to $16,334, tin fell $1,485 to $51,879 and cobalt declined $650 to $41,200.

Original source

AI take

This is a broad-based base-metals drawdown rather than a copper-specific story, with every contract in the complex printing lower on the session. That breadth matters for RWA and tokenized-commodity markets, where metals exposure is often packaged as a single basket, so holders get correlated downside rather than the diversification the wrapper implies. Tin's drop is the largest in absolute terms and cobalt's the largest in percentage terms, hinting the selling was not confined to the headline copper contract. Whether this is a one-session move or the start of a wider industrial-metals repricing is the open question.

Generated by AI for reference only.

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