Copper slides from 5-month high as Fedspeak, cautious attitude boost US Dollar.
Since June, copper breaks a four-day uptrend to lower its best levels. Negative market sentiment To encourage policy doves, Fed’s Waller underlined the need for additional data. The worry in advance of the meeting between Biden and Xi strengthens the risk aversion. Downward movements are limited by China’s relaxation of COVID rules and assistance for the real estate industry.
Early on Monday morning in Europe, copper prices fell from a five-month high as buyers took a break amid conflicting emotions and a strengthening US dollar.
The Copper Futures on the COMEX fell 1.24% intraday as it reversed from the highest levels since late June to $3.88 at press time, reflecting the mindset of the metal traders. According to Reuters, a three-month Copper contract on the London Metal Exchange (LME) was down 0.4% at $8,453 a tonne as of 05:43 GMT.
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