Copper futures started the week in positive territory in China this morning as most-actively traded SHFE copper settled 0.7% higher in Shanghai, although copper prices in London and New York got off to a sluggish start.
At the LME, 3-mo. copper was trading around $6,495/mt early today while 3-mo. aluminum and nickel futures were little changed around $1,864/mt and $13,010/mt, respectively. In New York, COMEX May copper futures dipped below $2.94 per pound in early trading while NYMEX crude oil futures retreated below $63.50 per barrel. Reuters reports “Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies kept prices well supported.” In foreign exchange trading the U.S. Dollar Index eased slightly as the euro advanced to $1.132 while the British pound was buying $1.31 early this morning.
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