LIVE FUTURES REPORT 27/10: Comex copper falls to three-week low

Copper for December settlement on the Comex division of the New York Mercantile Exchange fell 9.50 cents or 3% to $3.0825 per lb. The contract has declined in six of the last nine sessions.

Over the past two sessions, the dollar rose to a three-month high around 94.94 on the dollar index. The complex is facing short-term selling pressure, combined with a majority of investors travelling to LME Week in London; events begin on Sunday.

“We are watching the current sell-off with interest, but do not think that this is the start of a watershed moment on the downside, as supply chains remain under pressure in some key metals, especially in view of the significant cutbacks being put through by the Chinese heading into the critical fourth quarter,” INTL FCStone analyst Edward Meir said.

In precious metals, Comex gold inched up $1.10 or 0.1% to $1,270.70 per lb.

Currency moves and data releases

• The dollar index was up 0.23% to 94.96, its highest since July 20. 
• In other commodities, the Texas light sweet crude oil spot price jumped 1.44% to $53.40 per barrel. 
• Here in the USA, advance GDP quarter-over-quarter grew 3% in the third quarter, beating expectations of 2.6%. The advance GDP price index during the same period also exceeded expectations at 2.2%.