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The industrial metals this week ended the two-week gaining streak, as all the metals ended on a lower note, with LME Nickel being the top losing metal.  

The dollar's resurgence and the US Fed's stance against investors' hopes that the central bank would decrease the pace of rate hikes kept the metals under pressure for the majority of the week. Customers using foreign currencies will pay more for the metal as the dollar value rises.

Copper prices have soared to a five-month high in expectation of China ditching its zero-COVID policy and a halt in US interest rate increases, which would improve economic growth and metals demand.
China, the world's largest consumer of metals, battled this week with an increase in COVID-19 cases, especially in several major cities like Beijing and Guangzhou, which stoked fears about its economic performance.

Outlook: We expect copper to trade lower towards 670 levels, break of which could prompt the price to move lower to 660 levels.

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