Copper prices stalled on Tuesday on continuous concerns about economic growth following weak US and European data. 

Copper three-month futures at the London Metals Exchange fell 0.7% to $8281 a tone after a 1.2% surge on Monday.

SaxoBank's analysts in Copenhagen said that recent weak US data indicates the US economy is finally showing signs of weakness, in turn impacting demand on industrial metals.

Recent US services data showed a very timid growth in May as new orders slowed down sharply.

Short sellers benefited highly from the weaker copper prices at the London Exchange, with prices failing to pierce the 200-day SMA technical resistance. 

In Shanghai, copper prices hit four-week highs amid some hopes for China to launch fresh stimulus measures. 

Copper July futures at the Shanghai Futures closed 0.7% higher at 66,450 yuan a tone. 

As for other metals aluminium prices fell 1% at the London Exchange to $2221 a tone, while nickel rose 1.4% to $21,195, as Zinc rose 0.3% to $2295, while lead rose 0.3% to $2,033, as tin rose 0.9% to $25,795. 

Otherwise, the dollar index rose 0.2% as of 15:54 GMT to 104.2, with a session-high at 104.3, and a low at 103.8.

Copper July futures in American trade fell 0.6% to $3.74 a pound as of 15:47 GMT.

Oil prices fell in European trade for the first session in four off five-week high on profit-taking, and amid renewed concerns about the global economy's weakness and its impact on fuel demand.

Such decline comes ahead of initial US inventory data later today from the American Petroleum Institute. 

Global Oil Prices

US crude fell 2.5% to $70.17 a barrel, with a session-high at $71.99, while Brent tumbled 2.2% to $74.76 a barrel, with a session-high at $76.58. 

US crude rose 0.2% on Monday, the third profit in a row, marking a five-week high at $74.92, while Brent added 0.5% to $78.68 a barrel, the highest since May 2. 

Global oil prices surged after Saudi Arabia announced a voluntary production cut by a million bpd for a month in July. 

Economic Cocnerns

Latest US data showed a steep decline in US services PMI during May.

European data also showed an unexpected tumble in German factory orders in April, renewing concerns about the health of the euro zone's largest economy. 

It'll depend on upcoming inflation data now which will decide the path forward for monetary policies in both the US and Europe and will determine the likely path ahead for growth in both regions.

API

The American Petroleum Institute will release initial data on US crude stocks today, with analysts expecting the second weekly buildup in a row. 

Apple hit a near record high on Monday with its valuation approaching $3 trillion after revealing a mixed reality headset at the Global Developers annual conference. 

Such a headset would be a major milestone for the famous company, and the first such brand new product since the Apple Watch was introduced 9 years ago.

Apple Stock

The Apple stock spiked to a record high at $184.95 on Monday before ending down 0.76% on profit-taking.

Apple's market value hit $2.9 trillion before declining to $2.83 trillion currently, approaching a record high at $3 trillion scaled last year. 

Apple is currently the world's largest company in market valuation, and the second most profitable after Saudi Arabia's Aramco. 

Mixed Reality Headset

The company revealed the new headset under the name of Apple Vision Pro, and they're smart glasses accompanied by an audio set to mix reality and virtual reality in a unique mix. 

The headset will be available next year in the US with a price tag of $3499, and its battery will support two hours of operation.

The Apple Vision Pro seems different from other similar products in the market, with an appearance of skating glasses. 

Estimates

Even as such early times, analysts are predicting such mixed reality platforms to be the new major area of growth for Apple, which carries such huge important and potential for growth. 

Australian dollar rose widely on Tuesday for the fourth straight session, hitting three-week highs and leading major currencies higher after the unexpected decision by Reserve Bank of Australia to raise interest rates by 25 basis points, extending the path of policy tightening to combat record inflation.

As Australian rates hit 11-year highs, markets are still betting on upcoming rate hikes, in turn boosting Aussie's standing against rivals.

AUD/USD rose 1.1% to 0.685, the highest since May 16, with a session-low at 0.6609, after rallying 0.2% yesterday, the third profit in a row. 

Highest Performing Currency

Aussie led major currencies higher following the bullish decision by the RBA.

Aussie hit three-week high against US dollar, and a two-month high against euro, and a four-week high against both the UK pound and the Swiss franc, and a six-month high against yen, and a two-month high against the Canadian dollar. 

RBA

Unexpectedly, the Reserve Bank of Australia voted to increase interest rates by 25 basis points, while markets expected no change in interest rates, sending them to 4.1%, the highest since April 2012. 

The RBA said there might be a need for further policy tightening in order to bring inflation down to 2-3%, while the size of upcoming policy tightening will depend on data. 

The RBA noted increased risks of inflationary pressures, which prompted it to accelerate policy tightening to bring prices under control.