LIVE FUTURES REPORT 30/10: Comex copper decline extends into new week

Copper for December settlement on the Comex division of the New York Mercantile Exchange dipped 0.55 cents or 0.2% to $3.0980 per lb.

Prices were mixed in fairly low-key turnover, with many market participants in London for the start of the annual LME Week. As a result, the market may pause in the short term, awaiting developments from the many meetings and presentations, traders said.

“We remain bullish for copper’s fundamentals but these already-high prices are being met by selling,” Metal Bulletin head of research William Adams said.

“With the metal industry meeting in London during LME Week, we wait to see what mood the market is in at the end of the week,” Adams added.

Another major factor is the dollar trading around a mid-July high at 94.71 on the index.

In precious metals, Comex gold inched up $2.30 or 0.2% to $1,274.10 per lb.

Currency moves and data releases

• The dollar index was at 94.65, down 0.11 – the index had reached as high as 95.150 on Friday, its highest since July 19.
• In other commodities, the Texas light sweet crude oil spot price was up 0.9% at $53.39 per barrel.
• In US data, personal spending and personal income came in at 1% and 0.4% respectively. The Core PCE price index month-over-month met expectations at a 0.1% gain.