Copper prices continued to tumble in early trading this morning with COMEX Jul copper dipping as low as $2.66 per pound, down from around $2.70 per pound before the Memorial holiday break.
Base metal prices lost ground in London and Shanghai earlier today, as most-actively traded SHFE nickel futures settled nearly 2 percent lower. At the LME, 3-mo. aluminum was holding around $1,800 per ton this morning while 3-mo. copper dipped below $5,900/mt. A stronger dollar, weaker crude oil prices, and continued anxiety about the U.S.-China trade war were all cited as sources of concern. Reuters reports that “oil prices fell more than 2% on Wednesday as China signaled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand.” In New York, NYMEX crude oil futures were down to around $58 per barrel in early trading. In forex trading, the euro and British pound eased to around $1.115 and $1.264, respectively, while the dollar was buying 109.33 Japanese yen.
Back to Main