LIVE FUTURES REPORT 26/10: Comex copper dips amid rising dollar

Comex copper prices slipped into negative territory for the second consecutive day during morning trading on October 26 in the USA, after the dollar hit a multi-week high.

Copper for December settlement on the Comex division of the New York Mercantile Exchange declined $1.70 or 0.5% to $3.1670 per lb.

“We remain bullish for copper’s fundamentals but these already-high prices are being met by selling,” Metal Bulletin senior analyst William Adams said. “Upside progress may therefore be slow while buying has to absorb more scale-up selling.”

Positive sentiment in the market ahead of major industry conferences is also boosting base metals prices, market observers noted.

LME Week kicks off in London on October 29, while the Cesco Asia Copper Week takes place in Shanghai at the end of November.

In precious metals, Comex gold fell $3.20 or 0.3% to $1,275.80 per oz. Trade has ranged from $1,273.60-1,283.80.

Currency moves and data releases

  • The dollar index was up 0.65% to 94.24. The index has eased after rising to 94.02 on Monday, the highest since October 6. 
  • In other commodities, the Texas light sweet crude oil price was down 0.11% to $52.12 per barrel. 
  • In the USA, unemployment claims came in around expectations at 233,000, while the wholesale inventories rose 0.3%. Later today, home sales and natural gas storage figures are due for release.
  • Also, the European Central Bank (ECB) is set to announce its minimum bid rate later with a press conference by ECB president Mario Draghi to follow.