Copper for December settlement on the Comex division of the New York Mercantile Exchange gained 1.20 cents or 0.4% to $2.9675 per lb.
The red metal has been confined to a narrow range over the past few weeks with a strong dollar and building stock levels capping any upside. For now, the lack of market participants is keeping price fluctuation under control.
“Copper prices continue to consolidate having run ahead of the fundamentals, while the market pauses during the Golden Week holiday [2-8 October] and before the National People’s Congress, which starts on October 18,” Metal Bulletin analyst James Moore said.
“Overall we maintain a bullish view for copper’s fundamentals because improving demand and supply disruptions are set to tighten the supply/demand balance,” Moore added.
In the precious metals space, Comex gold for December delivery fell $1.70 or 0.1% to $1,273.90 per oz.
Currency moves and data releases
- The dollar index was down 0.06% at 93.54, having earlier hit 93.92, which was the highest since August 17.
- In other commodities, the Texas light sweet crude oil spot price was 12 cents higher at $50.70 per barrel.
- The economic agenda is lighter today – Europe’s August producer price index rose 0.3% against a forecast 0.1% increase.
- Later, US Federal Open Market Committee member Jerome Powell is speaking in Washington DC, USA.