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Strong Dollar, Oversupplied Market, Pushes Copper Back Down
Jul. 09, 2013 05:04AM PST
Base Metals Investing Despite a brief recovery on Monday, copper prices slipped to $6,730.
Despite a brief recovery on Monday, copper prices dropped on July 9 on the London Metal Exchange. Copper for three-month delivery dropped to $6,730 a tonne. Copper has recovered slightly from its a three-year low of $6,602 a tonne it reached in late June.
On the Comex in New York, copper for September delivery also fell $0.043 to $3.057 a pound.
The drop in copper prices is caused partly by a strong dollar, making the metal more expensive for non-U.S. investors, and partly by a market surplus.
