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Copper futures fell for a third straight day as a rising dollar cut into the demand for raw materials as alternative assets.
Copper futures fell for a third straight day as a rising dollar cut into the demand for raw materials as alternative assets.
According to Bloomberg:
On the London Metal Exchange, copper for delivery in three months dropped 0.1 percent to $6,835 a metric ton ($3.10 a pound). The price fell for the fourth straight week, the longest slump since June 28, 2013.
Analysts and traders are bearish on copper for the third straight week on concern that demand will slow in China, according to a survey by Bloomberg News. Eighteen of 40 respondents forecast that copper will decline next week.
Eugen Weinberg, the head of commodities research at Commerzbank AG, said:
Everything is a little bit down, and one of the reasons is because the trend of the dollar is continuing.
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