According to Jin10, copper prices fell on Thursday as concerns that stubborn inflation could prompt the Federal Reserve to raise rates further weighed on the market, while aluminum declined for a third straight trading day. ANZ senior commodity strategist Daniel Hynes said strike threats in Chile had previously supported copper's rally, but expectations of further Fed tightening prompted copper to give back those gains. U.S. September consumer price index data accelerated on surging gasoline costs, reviving expectations of another rate hike later this month. On the supply side, two unions at Chile's Centinela mine went on strike a week ago after collective bargaining talks with mine owner Antofagasta Minerals broke down.
