US Dollar Drags Down Copper to $7,120 a Tonne in London

Copper prices were dragged down today after the dollar made gains due to expectations the U.S. Federal Reserve would pull back on its monthly bond-buying program next month.

Three-month copper prices on the London Metal Exchange fell $53 from the previous session to hit $7,120 a tonne today, Reuters reported.

Positive U.S. October jobs data has sparked speculation on Fed tapering sooner than expected.

“The market is still viewing the Fed as possibly wanting to taper stimulus sooner rather than later, and the bet is now on whether the Fed will move in December after consensus-beating economic data,” said Robin Bhar, an analyst at Societe Generale, according to Reuters.

Copper futures for December delivery were also down in New York, trading at $3.24 a pound, a drop of $0.02 from the previous session, Investing.com reported.