Copper loses momentum amid economic concerns and technical signals
3 months ago

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.

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