The most-traded May copper contract on the Shanghai Futures Exchange fell 0.4 percent to 48,780 yuan ($7,900) a tonne on Tuesday, having descended to a new seven-month trough in overnight trade. Year, and signs of a deeper-rooted revival in the United States.
"Copper has been drifting downwards. We've got risk aversion coming into play and the USD has strengthened on the back of the Ukrainian tensions," said analyst Tim Radford with Sydney-based advisor Rivkin. Low volumes suggest buyers are out on the sidelines, likely in part waiting for Friday's major US jobs report, where a poor result could pile more pressure on metals, he said. "Friday is the big event with US non farm payrolls out. It wouldn't surprise me to see another miss on the downside given the economic weak patch recently."
Comments
Comments are closed.