Copper Price Today: Copper Dips on Greece Concerns

Copper on the London Metal Exchange dropped 0.4 percent to hit $5,787.50 a tonne on Tuesday, according to CNBC. This fall comes on the heels of a previous session slide of 1.5 percent, when the metal hit $5,777 a tonne, the lowest it has been since March 19.

Traders have their eyes on the looming Greek crisis, as well as the U.S. Federal Reserve’s two-day policy meeting, which may provide some clues as to when the Fed will decide to raise rates.

“The market is reassessing a little bit of the demand outlook – and then you have Greece on top,” said Dominic Schnider of UBS Asset Management in Hong Kong.

Greece is trying to prevent a default on its borrowed funds and a possible Euro exit. On Monday, negotiations to reach an agreement collapsed.

Meanwhile, copper on the Comex is down 1.17 percent at $2.62 a pound, Nasdaq reported.