US copper futures lost some ground at the open on Monday as a stronger tone in the dollar and concerns about waning Chinese demand encouraged investors to lock in some profits. Copper for July delivery was trading down 5.65 cents, or nearly 1.5 percent, at $3.7755 a lb by 10:16 am EDT (1416 GMT) on the New York Mercantile Exchange's COMEX division.
The morning range was from $3.7730 to $3.8505, the highest level the July contract has been since May 19. Volumes were estimated at 6,643 lots by 9 am EDT. Copper succumbs to widespread dollar-inspired selling pressure in the commodity complex - trader.
Copper tracks the much larger losses in the precious metals complex, with gold falling more than 2 percent, below $880 an ounce. COMEX copper stocks were flat at 11,040 short tons on Friday. The non-commercial net long position in COMEX copper futures grew to 3,189 contracts for the week ended June 17, against a net long of 184 contracts for the week to June 10 - the Commodity Futures Trading Commission.
Comments
Comments are closed.