Copper for December settlement on the Comex division of the New York Mercantile Exchange declined 2.55 cents or 0.9% to $2.9555 per lb.
“Beyond the short term, we also have a constructive view on LME copper, because we think that the concentrate market will tighten, which will in turn affect the refined market; and demand should prove robust in this global reflationary environment,” Boris Mikanikrezai, Metal Bulletin analyst, said.
Meanwhile, China is already enforcing some restrictions on copper imports, cutting quotas and limiting the number of licences in some regions of the country, sources told Metal Bulletin, although a full ban on scrap copper imports has not yet been confirmed.
In the precious metals space, Comex gold for December delivery dipped $1.40 or 0.1% to $1,287.50 per oz.
Currency moves and data releases
- The dollar index dipped 0.07% to 93.10. It has eased after reaching as high as 93.67 on Thursday, the highest since August 18.
- In other commodities, the Texas light sweet crude oil spot price fell 0.23% to $51.44 per barrel.
- Meanwhile in data, Chicago PMI exceeded expectations in September with a 65.2 reading, above estimates of 58.5. Personal spending and income in August were both in line with estimates at 0.1% and 0.2%, respectively.
- Lastly, revised University of Michigan consumer sentiment disappointed at 95.1, below the forecast of 95.3. Revised inflation expectations came in at 2.7%.
- In addition, Bank of England governor Mark Carney and US Federal Open Market Committee member Patrick Harker are speaking today.