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Copper prices fell again on Monday after previously hitting a two week high, the Wall Street Journal reported. The red metal fell on continued demand concerns and a stronger US dollar.
Copper prices fell again on Monday after previously hitting a two week high, the Wall Street Journal reported. The red metal fell on continued demand concerns and a stronger US dollar.
As quoted in the publication:
The most actively traded copper-futures contract, for March delivery, was recently trading 2.20 cents, or 1.1%, lower at $2.0570 a pound on the Comex division of the New York Mercantile Exchange.
Prices had rallied last week after Chinese producers announced they would cut output in 2016 and after the dollar plunged to a one-month low against the euro. China is the world’s No. 2 copper producer and any reduction to supply helps soothe long-running fears about a global glut. Meanwhile, a weaker dollar makes the dollar-denominated metal less expensive for foreign buyers.
