Copper futures in the US fell to below $5.4 per pound in March, the lowest in three months and tracking the decline for key industrial metals amid a strong dollar and concerns that high energy prices will dent manufacturing demand. Key oil and LNG prices held most of their surge this month after the conflict in the Persian Gulf resulted in the destruction of energy infrastructure and halted energy exports from tankers. The developments limited the outlook on manufacturing by biting factory’s margins and limiting consumers’ purchasing power. Additionally, the upside inflation risks drove Federal Reserve policymakers to strike a hawkish tilt in their economic projections, lifting the dollar and pressuring greenback-priced commodities. The drop was aligned with six-year high copper inventories in the LME and record high stocks in the SHFE, consolidating the lower bidding levels.

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