MTECHTIPS:-Copper trades near 3-week low as stronger dollar weighs
MTECHTIPS:-Copper trades near 3-week low as stronger dollar weighs
Copper prices held near the previous session’s three-week low on Monday, as a broadly stronger U.S. dollar dampened the appeal of the industrial metal. On the Comex division of the New York Mercantile Exchange, copper for July delivery shed 0.4 cents, or 0.15%, to trade at $2.807 a pound during European morning hours. Prices held in a range between $2.794 and $2.811. Friday, copper fell to $2.789, the lowest level since April 30, before settling at $2.811, down 3.7 cents, or 1.32%. Futures were likely to find support at $2.788, the low from April 30, and resistance at $2.855, the high from May 22. Activity was likely to remain thin on Monday, as markets in the U.K., U.S. and Germany are all shut for public holidays. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.25% at 96.50 early Monday, the strongest level since April 28. The greenback strengthened after Federal Reserve Chair Janet Yellen said on Friday that interest rates will be raised later in the year. After that, future rate hikes will be small and gradual over the next several years, Yellen added. The dollar had also been boosted on Friday after stronger-than-expected U.S. inflation data supported the case for a rate hike later this year. A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies.
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