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Copper for December settlement on the Comex division of the New York Mercantile Exchange fell 1.10 cents or 0.4% to $2.9335 per lb. The contract is trading around a five-week low.
The red metal is struggling to hold ground after erasing last month’s rally to a three-year high, while existing stocks and physical premiums indicate weak demand.
“We remain bullish for copper’s fundamentals, but prices had started to look overstretched recently so some profit-taking seemed probable, which is now unfolding,” Metal Bulletin senior analyst William Adams said. “The stock rise seen in recent weeks also suggests plentiful availability, so there should be little need for buyers to chase prices higher.”
Meanwhile in the precious metals space, Comex gold for December delivery fell $2.40 or 0.2% to $1,295.10 per oz.
Currency moves and data releases • The dollar index was up 0.40% to 92.53. • In other commodities, the Texas light sweet crude oil sport price was up 1.05% to $51.19 per barrel. • The economic agenda is light today with German Ifo business climate coming in at 115.2, a miss from the 116 expectation. China’s CB leading index stood at 1.1%, above the previous reading of 1.0%. • In addition, US Federal Open Market Committee members William Dudley, Charles Evans and Neel Kashkari as well as European Central Bank president Mario Draghi are speaking.