Copper Futures Slide on Speculation of Over-Supply

Bloomberg reported that copper futures dipped on Monday, pushed down by speculation that last week’s rally was overdone, based on the likelihood of supply surplus.

As quoted in the market report:

The copper market is now shifting from a long period of constrained mine supply to one in which new mine capacity growth brings about the long-awaited return of the refined market to moderate surpluses,” Morgan Stanley said. “Investor sentiment has deteriorated and price performance has been lackluster so far this year.

To view the whole Bloomberg report, click here.