Comex copper prices are set to move into the weekend on a dour note with the red metal trading around a one-month low on Friday September 22.
Copper for December settlement on the Comex division of the New York Mercantile Exchange fell 0.10 cents or 0.1% to $2.9335 per lb.
The red metal has been under heavy selling pressure after Federal Reserve members said they planned to raise rates one more time this year.
Additionally, President Donald Trump extended the scope of sanctions to individuals that provide goods, services or technology to North Korea. Both moves combined to sink prices and totally erase August’s rally to a three-year high.
“Judging by its price action, copper is undergoing a long overdue correction,” Metal Bulletin analyst Andy Farida said.
“But so far, the pullback is considered healthy and showed no sign of panic selling. Instead, this should test how strong the underlying support is and if the dips will attract late buyers to enter again,” Farida added.
Meanwhile in the precious metals space, Comex gold for December delivery rose $5.40 or 0.4% to $1,300.20 per oz.
Currency moves and data releases
- The dollar index is down 0.16% to 92.03.
- In other commodities, the Texas light sweet crude oil spot price is up 0.05% to $50.60 per barrel.
- Today in data, US flash manufacturing PMI came in at 53.0, above the forecast of 52.9. Flash services PMI stood at 55.1, below the economic consensus of 55.8.