Base Metals

Strong Dollar, Oversupplied Market, Pushes Copper Back Down

Base Metals

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.

MARKETS

Markets
TSX19284.10-222.55
TSXV555.25-16.97
DOW32875.71-365.85
S&P 5003783.22-46.03
NASD10213.29-139.94
ASX7086.40-21.30

COMMODITIES

Commodities
Gold1810.11+4.25
Silver23.65+0.11
Copper3.82-0.02
Palladium1781.64+2.14
Platinum1014.00+8.00
Oil77.09-1.87
Heating Oil3.21-0.09
Natural Gas4.690.00

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