LIVE FUTURES REPORT 15/06: Comex copper tumbles in final session

Copper for July settlement on the Comex division of the New York Mercantile Exchange tumbled 5.20 cents – or 1.6% – to $3.1700 per lb. Earlier, the contract touched $3.1645. 

“We maintain our friendly copper view in the near term, treating the recent price weakness as a purely technical consolidation unlikely to last too long,” Metal Bulletin analyst Boris Mikanikrezai said.

“Although macro factors have started to turn negative [stronger dollar, weaker risk-taking appetite, disappointing Chinese macro data], we expect the fundamentals to move in the right direction in the course of 2018, leaving the market in a deficit. As such, we are induced to buy the dips,” Mikanikrezai added.

The rest of the complex continues to trade lower, with the strong dollar weighing on metals prices as the dollar index continues to hold above 94.00. The index has been supported by the US Federal Open Market Committee announcement of a 25-basis-point rise in interest rates at its meeting on Wednesday.

In precious metals, Comex gold for August delivery declined $17.20 – or 1.3% – to $1,291.10 per oz. Trade has ranged from $1,289.90 to $1,306.70.

Currency moves and data releases 

• The dollar index was down 0.03% to 94.80.
• In other commodities, the Texas light sweet crude oil spot price was down 0.91% to $66.28 per barrel.
• In US data on Friday, the Empire State manufacturing index came in at 25.0, above the forecast of 19.1. Capacity utilization rate missed the target with a 77.9% reading, while industrial production dipped 0.1% month over month. Consumer sentiment, inflation expectations and long-term purchases are due later today.