LIVE FUTURES REPORT 12/09: Comex copper erases gains; market in correction

Comex copper prices sagged on Tuesday morning in the USA, with technical selling once again playing a major role.

Copper for December delivery on the Comex division of the New York Mercantile Exchange dipped 3.30 cents or 1.1% to $3.0330 per lb. The contract is trading at the lowest point since late August.

After sustaining heavy losses in two of the past three sessions, the red metal is entering a corrective phase following a surge to a three-year high.

“Metal prices rose sharply yesterday, but in light of a stronger dollar, a much weaker yuan and little change in the underlying ‘topping out’ pattern in a number of complexes, the move higher looked to be nothing more than a dead-cat bounce,” INTL FCStone analyst Edward Meir said.

“Indeed, the selling has resumed today, although the declines we are seeing are not as dramatic as what we saw on Friday,” Meir added.

In the precious metals space, Comex gold for December settlement dipped $11.50 or 0.9% to $1,339.70 per oz.

Currency moves and data releases

  • The dollar index was 0.06 higher at 91.93.
  • In other commodities, the Texas light sweet crude oil spot price was up 14 cents to $48.21 per bbl.
  • Meanwhile, in a light data day, the NFIB small business index for August stood at 105.3, above the forecast of 104.8.The Jolts job openings figure was also impressive with a 6.17 million reading, besting the economic consensus of 5.96 million.

What to read next
The publication of Fastmarkets’ manganese ore seaborne indices for Friday March 31 was delayed due to inputting errors in the data submission process.
As of May 1, 2023, Fastmarkets will improve the foreign exchange (FX) spot rates published on the Fastmarkets Dashboard and in the Scrap Settlement PDF.
European energy analysts’ “what if” questions have turned into “what now” questions in the wake of Russia’s stalled war efforts against Ukraine
Despite the metal being classed as “strategic” in the European Union’s proposed Critical Raw Materials Act (CRMA), questions remain about the future of magnesium supply in Europe, market participants have told Fastmarkets
The publication of Fastmarkets’ assessment of the Southeast Asia copper premium for Tuesday March 28 was delayed due to a scheduling error.
Recycling is increasingly being considered the best way to reduce carbon emissions from metals production, and huge investment in recycling facilities has been seen in recent years, with robust merger and acquisitions activity
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.