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Copper Dips

Copper DipsCopper Dips

Copper slipped as the dollar rose on Monday, though losses were limited by signs of potentially stronger demand and expectations of further policy easing by top consumer China, Reuters reported. Benchmark copper on the London Metal Exchange was trading down at $6,387 a ton at 1011 GMT, from $6,415 at Friday’s close. The higher US currency makes dollar-denominated commodities more expensive for holders of other currencies. “It’s a softer start to the week. The stronger dollar is weighing on base metals, which are ignoring the oil price rise,” Danske Bank analyst Jens Pederson said. A rising oil price has supported industrial metals in recent days because it increases the energy costs of metal production.

 

Financialtribune.com