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Copper Prices Expected to Fall Amid Stronger Dollar and Profit-Taking

Strategic Insights

— 1 min read

Copper prices are likely to fall on the Comex division of the New York Mercantile Exchange, with July copper futures opening around 6 cents a pound lower. The decline is attributed to a stronger dollar against most currencies and profit-taking, which also affected other base metals in London trading overnight. The euro has fallen to $1.3857 from $1.3995 late Friday afternoon, impacting markets that influence metals in the short term. Meanwhile, economic reports scheduled for release on Monday, including the New York Federal Reserve's Empire State manufacturing survey, may also influence copper prices.

Key Takeaways:

  • July copper futures are expected to open 6 cents a pound lower on the Comex division of the New York Mercantile Exchange.
  • A stronger dollar against most currencies and profit-taking have led to a decline in copper and other base metals in London trading overnight.
  • The euro has fallen to $1.3857 from $1.3995 late Friday afternoon, impacting markets that influence metals in the short term.
  • Economic reports scheduled for release on Monday, including the New York Federal Reserve's Empire State manufacturing survey, may also influence copper prices.
  • The National Association of Home Builders' housing-market index is due out at 1 p.m. EDT (1700 GMT) on Monday.
  • Other major reports this week include the Producer Price Index, housing starts, and industrial production on Tuesday.
  • Jobless claims and the Philadelphia Fed's manufacturing index are scheduled for release on Thursday.

Statistics:

  • July copper futures are expected to open 6 cents a pound lower.
  • The euro has fallen to $1.3857 from $1.3995 late Friday afternoon.
  • The September S&P 500 futures are down 10.60 points to 930.10.
  • July crude oil is down 97 cents to $71.07 a barrel in overnight activity.
  • U.S. inventory of copper stored in London Metal Exchange warehouses fell 3,300 metric tons Monday, leaving them at 286,975.
  • Comex inventory data, released late Friday afternoon, showed an increase of 949 short tons at 59,472 short tons.

Sources:

  • Dow Jones Commodities News via Comtex
  • New York Mercantile Exchange (Comex)
  • Dow Jones Newswires, Allen Sykora; (541) 318-8765, allen.sykora@dowjones.com

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